UK-based online used vehicle marketplace Carspring has secured £5m ($6.6m) in a series B round featuring e-commerce holding group Rocket Internet and broadcaster Channel 4’s Commercial Growth Fund, TechCrunch reported on Monday.
Carspring’s platform was launched in mid-2015 and provides used cars sourced from a network of used car dealers, selling them with a six-month warranty after conducting checks on each vehicle.
Approximately £1.3m of the round consisted of advertising space rather than cash, according to TechCrunch. It comes after Carspring, which was formed by Rocket Internet, raised €3m ($3.2m) from undisclosed investors in July 2015.