Online used car retailer Vroom has concluded a Series H funding round with $254m, increasing its total capital raised to $721m.

The Durable Capital Partners-led financing was joined by funds and accounts advised by T Rowe Price Associates, L Catterton and more.

The company will invest the new funding in its people, technologies, products, operations and marketing.

Vroom has specifically planned to use the investment to expand its newly established Detroit-based product and engineering hub.

Chosen due to the availability of skilled tech, design and product talent, Vroom’s Detroit facility is expected to recruit more staff in product and engineering areas next year.

The company is also working to bring all phases of the vehicle buying and selling process to consumers online.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Vroom CEO Paul Hennessy said: “This new round of funding provides the necessary resources to further grow and scale our business.

“We are thrilled to receive continued support from investors and partners, reinforcing the Vroom model as a tremendous opportunity to bring about a fundamental and enduring change in the used vehicle industry.”

Established in 2013, Vroom uses a data-driven technology platform that enables consumers to sell or buy vehicles from anywhere.

The company offers low-mileage, reconditioned vehicles and delivers directly to the customers. It has also sold 250 thousand cars so far.

Vroom has recently entered a strategic, preferred lending partnership with Chase Auto to offer a simplified financing experience for consumers.