ACV Auctions, a US-based automotive marketplace backed by telecommunications group SoftBank, secured $55m from investors including financial services group Fidelity Management and Research last month, Wall Street Journal has reported.
Private equity firm Durable Capital Partners led the round, which additionally included $50m of debt financing from an unnamed bank.
Founded in 2014, ACV operates an e-commerce platform for auto brokers who can sell resold cars through its online auction service. The funding will go toward expanding its market presence and boosting its technology and product offering, a spokesperson told WSJ.
Fidelity had already taken part in a $150m series E round for ACV in November 2019 that included Bain Capital Ventures, which invested on behalf of private equity firm Bain Capital, as well as Wellington Management, Bessemer Venture Partners (BVP) and Tribeca Venture Partners.
The company closed a $93m series D round in late 2018 which was led by Bain Capital Ventures and backed by Armory Square Ventures, BVP, Tribeca Ventures and the Australian government-backed Future Fund.
BVP led ACV’s $31m series C round earlier the same year, investing with SoftBank subsidiary SoftBank Capital NY, Armory Square and Tribeca Ventures. BVP had also led a $15m series B round in 2017.
Tribeca Ventures had previously led a $5m series A round for the company in 2016 that featured SoftBank, Armory Square and Rand Capital, which came after $1m in angel funding.
