ACV Auctions, a US-based online vehicle retail platform backed by telecommunications and internet group SoftBank, secured $93m on Tuesday in a series D round was led by Bain Capital Ventures.
The fund, a subsidiary of private equity firm Bain Capital, was joined by venture capital firms Tribeca Ventures and Bessemer Venture Partners (BVP), sovereign wealth fund Future Fund and VC fund Armory Square Ventures.
Founded in 2014, ACV Auctions runs a service enabling users to buy and sell second-hand vehicles through an online auction process.
The company provides third-party inspections, account management, payment processing and transportation services, and sells 10,000 vehicles a month. It plans to be present in 80 markets by the end of 2018.
ACV had previously raised $31m in a February 2018 series C round led by BVP and backed by SoftBank subsidiary SoftBank NY, Tribeca Ventures and Armory Square. BVP also led its $15m series B round in March 2017.
The series B followed a $5m series A round in 2016 that was led by Tribeca with participation from SoftBank NY, Armory Square and business development company Rand Capital. ACV had received $1m in 2015 when it won the 43North startup contest, having already secured $1m in angel funding.