Brazil-based used car marketplace Volanty has attracted R$70m ($17.5m) in a round co-led by SoftBank Latin America Ventures, the $500m corporate venturing fund formed by telecommunications and internet group SoftBank.
Kaszek Ventures co-led the round, which also featured fellow venture capital firms Monashees and Canary, Reuters has reported.
Founded in 2017, Volanty operates an online platform where used vehicles can be traded. It requires the seller to submit their vehicle for physical inspection at brick-and-mortar dealerships to ensure its condition is accurately reflected in the listing.
The capital will be used to launch additional dealerships in the city of Sao Paulo, and to mount a recruitment drive that will include the appointment of industry executives.
Monashees led a $5.1m round for Volanty in June 2018 that also featured Canary, which had joined unnamed individuals to invest approximately $760,000 in the company the previous year, according to Reuters.