Online media and e-commerce group InterActive Corp (IAC) has provided $23m of series A funding for US-based on-demand car leasing service Honcker, Auto Finance News has reported.
Honcker operates an app-based service where customers can lease vehicles from its network of leasing partners without needing to fill in considerable paperwork or submit extensive personal information.
The company relies on a substantial inventory where cars can be compared and prices are clearly listed. It plans to expand that network form 300 dealers to 1,000 by the end of 2018, and to have a presence in the country’s 20 most populated cities in the next 18 months.
Nathan Hecht, founder and chief executive of Honcker, told Auto Finance News: “We want to double if not triple the team within the next few weeks, hiring in areas of marketing, business development, sales and operations.
“IAC’s backing, their financial support, their know-how, and their resources will really help us in taking Honcker to the next level.”
Investment firm Evolution Corporate Advisors had led Honcker’s $3.6m seed round in October 2017, investing together with growth equity firm Lead Edge Capital.