ACV Auctions, a US-based online automotive marketplace backed by telecommunications conglomerate SoftBank, yesterday picked up $150m in a series E round co-led by financial services group Fidelity and investment management firm Wellington Management Company.
Bain Capital Ventures, a subsidiary of private equity firm Bain Capital, also took part in the round, as did Bessemer Venture Partners (BVP) and Tribeca Venture Partners.
Founded in 2014, ACV Auctions runs a wholesale vehicle marketplace for franchise and second-hand car dealerships to purchase and sell vehicles through an auction process taking 20 minutes.
The platform provides third-party inspections, account management, title and payment processing, arbitration management and transportation.
The series E round will enable ACV to invest further into its technology. The company has already developed products such as Virtual Lift, an imaging tool to capture the undercarriage of cars, and a tool to capture clean audio of a running engine.
The company will also look to expand further across North America and hire additional staff, adding to its more than 1,000 current employees.
Bain Capital Ventures led a $93m series D round in December 2018, with participation from Tribeca Ventures, BVP, Armory Square Ventures and Future Fund, the sovereign wealth fund of Australia.
BVP led a $31m series C round in February 2018, with contributions from SoftBank subsidiary SoftBank NY, Tribeca Ventures and Armory Square Ventures. BVP had already led a $15m series B round in 2017.
SoftBank first took part in a $5m series A round in 2016 that was led by Tribeca and also included Armory Square and business development company Rand Capital. ACV had earlier secured $1m through winning the 43North startup competition and $1m in angel funding.
