Motorway raises £48m in Series B funding led by Index Ventures to expand its platform and team
The Series B financing was led by Index Ventures with backing from BMW i Ventures, Unbound, Latitude and Marchmont Ventures.
Motorway operates an online marketplace that connects private car sellers with professional dealers across the UK. The platform enables motorists to secure competitive prices for their vehicles from home.
Motorway has secured £48m in a Series B funding round led by Index Ventures, with participation from BMW i Ventures, Unbound, Latitude and Marchmont Ventures. The fresh capital will be directed towards expanding the company product and engineering teams, growing staff numbers from 160 to over 200, and scaling marketing activities.
The online car marketplace has experienced rapid expansion, noting that sales have tripled over the past twelve months. The platform currently agrees a vehicle sale every ten minutes, supporting more than 3,000 dealers nationwide who compete in daily online auctions.
Danny Rimer of Index Ventures joins the Motorway board as part of the transaction. The latest injection of capital follows previous funding totalling £14m since the platform was established in 2017.
From the founder
"For half a century, inefficient offline processes have led to bad deals and a bad experience for both car sellers and car dealers. Motorway has fundamentally changed a broken experience where everyone ends up dissatisfied – and we’ve transformed it with a superior online experience where everybody wins. Cutting out the middlemen leaves both the consumer and car dealer with a better deal, all from home and without the stress. Our incredible growth so far is testament to our focus on delivering more value through technology – and this investment will provide us with the fuel to take Motorway to the next level."
Tom Leathes
CEO at Motorway
Investor perspective
"We’re always looking to invest in companies that are truly disrupting an industry and meeting a real customer need. We have found that in Motorway. The team has built an incredibly powerful platform, underpinned by great technology and a deep understanding of the challenges both consumers and car dealers face. Motorway has quickly become the first port of call for tens of thousands of people selling their car."
Danny Rimer
Board Member and Partner, Index Ventures
Use of funds
- 01Grow the team
- 02Continue product development
- 03Invest in sales and marketing
Investors
Categories
About the company
Motorway
Motorway operates an online used car marketplace connecting private sellers with professional car dealers.