Used-car buyer and digital auto-retailer VavaCars has secured $37 million U.S. from a combination of new and existing backers, said its top executive.
The latest funding, from undisclosed investors, means that the company has “brought over $100 million U.S. of foreign direct investment to Turkey,” VavaCars co-founder and CEO Lawrence Merritt wrote in a post on LinkedIn.
The latest Series C investment round will be used to accelerate growth in target markets, according to VavaCars, which has already committed $200 million U.S. of investment to setting up inspection and reconditioning centers and expanding in Turkey.
Netherlands-based energy- and commodity-trading company Vitol is the founding investor of VavaCars, which hopes to achieve profitability by this yearend. Its main competitors include auto marketplaces LetGo Turkey’s Otoplus.com and Arabam.com and horizontal Sahibinden.com, which has a thriving auto category.
“We have redesigned the way consumers can buy and sell vehicles in Turkey and provide our customers with holistic peace of mind about this experience. We want everyone to be able to buy and sell vehicles without any questions, without worries and without any problems,” Merritt wrote in a separate LinkedIn post.
“VavaCars is proud to be a Turkey-born business and has successfully brought US$100 million U.S. in foreign investment to Turkey. This round of investment allows us to continue our growth and continue to innovate for our customers. We expect this to be our last funding round before moving on to the profitability phase,“ he posted.