Motorway secures £142m Series C funding from Index Ventures and ICONIQ Growth to expand its team and marketplace operations.
The Series C round was co-led by Index Ventures and ICONIQ Growth to support team expansion and platform growth.
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 £142m in a Series C financing round co-led by Index Ventures and ICONIQ Growth. Existing backers Latitude, Unbound and BMW i Ventures also participated in the transaction, which values the online automotive marketplace at over $1bn.
The proceeds will be directed towards expanding the workforce from 250 to over 350 employees over the coming year, with a particular focus on recruiting technology talent. Alongside the capital injection, the company appointed former Amazon executive James Wilson as chief operating officer.
The fundraising follows a period of rapid expansion for the platform, which recorded a 300% year-on-year increase in sales and anticipates exceeding $2bn in transactions over the next 12 months.
From the founder
"In 2017, we set out to reinvent how people sell their cars, transforming a broken offline process by introducing a superior online experience. Our team has dedicated themselves to this mission through unprecedented times – enabling us to turn a traditionally lose-lose market into a win-win for our customers and dealer partners."
Tom Leathes
CEO at Motorway
Investor perspective
"Since joining the board, following our initial investment in June, I have experienced first-hand just how fast Motorway is growing and how agile the team is in scaling the business to support this incredible growth. Strong leadership, coupled with great technology to fuel an incredibly powerful platform, has enabled Motorway to step up a gear and move into the fast lane – they’ve taken advantage of the strong market conditions and changing consumer and dealer behaviour to become the go-to place for people selling their car."
Danny Rimer
Board Member and Partner, Index Ventures
Use of funds
- 01Grow the team
Investors
Categories
About the company
Motorway
Motorway operates an online used car marketplace connecting private sellers with professional car dealers.