Telecommunications and internet group SoftBank could be in line to exit US-based online vehicle marketplace ACV Auctions, which has filed for a $100m initial public offering on the Nasdaq Stock Market.
ACV has built an online marketplace that enables dealers to buy and sell cars and other vehicles while making use of detailed data to inform transactions. It was responsible for more than 30,000 transactions per month by 2020.
The company almost doubled its revenue year on year to $208m in 2020, while reducing its net loss from $77.2m to $41m. It has disclosed more than $360m in funding since being founded in 2014.
SoftBank first invested in the company in 2016 when its SoftBank Capital NY subsidiary took part in a $5m series A round led by existing investor Tribeca Venture Partners that included Armory Square Ventures and Rand Capital.
Bessemer Venture Partners (BVP) led ACV’s $15m series B round the following year as well as a $31m series C that also featured SoftBank NY, Tribeca Venture Partners and Armory Square Ventures in 2018.
The company added $93m later the same year in a series D round led by Bain Capital Ventures and backed by Tribeca Venture Partners, BVP, Armory Square Ventures and the Australian government’s Future Fund.
Investment and financial services group Fidelity led a late 2019 series E round for ACV sized at $160m according to the IPO filing, with Wellington Management Company. The round also featured BVP, Tribeca Venture Partners and Bain Capital Ventures.
The IPO filing reveals the company secured a further $55m in a series E-1 round in September 2020 that included BVP, Tribeca Venture Partners and Armory Square Ventures.
BVP is ACV’s largest shareholder, with a 28.9% share, followed by Tribeca Venture Partners (11.9%), SoftBank (7.1%) and Armory Square Ventures (5.7%).
Goldman Sachs, JP Morgan Securities, Citigroup Global Markets, BofA Securities, Jefferies, Canaccord Genuity, Guggenheim Securities, JMP Securities, Piper Sandler and Raymond James & Associates have been appointed underwriters for the offering.
