US-based online used car retailer Vroom has raised $50m through a Series E funding round.
Altimeter Capital and Foxhaven Asset Management have joined the list of existing investors, which includes L Catterton, General Catalyst Partners, Allen & Company, and funds and accounts advised by T. Rowe Price Associates.
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The latest round of funding takes the current total to $218m.
Vroom CEO Paul J Hennessy said: “The reaction to both the ease of the car buying and selling experience, as well as the unparalleled quality of refurbished cars, has been overwhelming.
“For a company that is only three years old, we are just beginning to roll out our product innovations that will soon include 100% digital paperwork and auto financing enhancements.
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"The continued support of our incredible board led by chairman Bob Mylod, the vote of confidence from our existing investors and the addition of two new world-class investors to our capital base gives us the firepower we need to achieve our goal of becoming the largest pre-owned car retailer in the nation.”
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By GlobalDataVroom enables the entire process of buying and selling used cars through online and mobile channels.
Car sellers need to scan the VIN, submit pictures of their car and answer a few questions for an instant cash voucher. Car buyers, from the comfort of their home, can search through a large selection of pre-owned cars.
Both buyers and sellers get free car pickup and delivery, respectively.
Vroom also offers car buyers the benefit from a seven-day money back guarantee, replacing the traditional test drive.
The company expects to generate excess of $1bn of revenue this year.
