ACV Auctions, the US-based creator of an e-commerce platform aimed at used vehicle dealers which counts telecommunications group SoftBank as an investor, has raised $15m in series B funding.
Venture capital firm Bessemer Venture Partners led the round, which included undisclosed existing investors.
ACV’s online platform holds auctions where used car dealers can view, bid on and buy vehicles. It produces a detailed condition report for each vehicle and the auctions, which are conducted from dealer lots and that are as short as 20 minutes.
The company raised the new cash as it gets ready to expand from its core markets in the Northeastern US down the East coast and into the Midwest. It also plans to boost its 60-strong workforce by more than 100 in the near future.
SoftBank took part in ACV’s $5m series A round in September 2016 through its SoftBank Capital NY unit. The round, which was led by VC firm Tribeca Venture Partners, included Armory Square Ventures and Rand Capital.
The company had previously received $1m when it won the 43North startup competition in 2015 and another $1m in angel investment.
George Chamoun, chief executive of ACV Auctions, said: “Our investment in technology and superior condition reports – both are a hallmark of our service – will continue to drive down costs for dealers and improve transparency for wholesale vehicles.”