U.K.-based used-car marketplace Motorway has achieved ‘Unicorn’ status after receiving a valuation of £750 million ($1 billion U.S.).

The company matches car retailers with private sellers through an auction system that allows sellers to sell a vehicle just using a smartphone. The company claims to service a dealer network of over 4,000 who use the platform to bid on vehicles.

Motorway is aiming to develop “further massive opportunities” in the automotive retail sector. It achieved the new valuation following its latest funding round. The company now plans to expand staff numbers from 250 to 350 over the next year to improve the customer experience and use some of the funds to improve stock for dealers.

The latest funding round takes the total raised in the last six months to around £205 million. It was co-led by Index Ventures and ICONIQ Growth, alongside existing investors Latitude, Unbound and BMW i Ventures. It added £142 million to Motorway’s overall funding and came after a £48 million funding round in June.

Last month Motorway delivered year-on-year growth of 300% in Q3, £308 million of sales, compared with £78.7 million in the corresponding quarter which, it said, put it on course to post a run-rate of $2 billion in sales over the next 12 months. Between July and September, it sold 20,076 units and in October reached 8,000 sales in a month.

“In 2017, we set out to reinvent how people sell their cars, transforming a broken offline process by introducing a superior online experience,” said Motorway chief executive, Tom Leathes.

“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. We’re now completing over 8,000 car sales a month. That’s a big number, but still less than 1% of UK used car sales — so there’s massive opportunity ahead.”

Motorway also announced that it had recruited James Wilson as its chief operating officer. Wilson was previously director of marketplace fulfilment at Amazon U.K. The appointment follows the hiring of Lloyd Page, previously at John Lewis and Moneysupermarket, as chief marketing officer earlier this year.

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