U.K.-based auto marketplace CarWow has closed its second crowdfunding campaign, raising £3.1 million ($3.9 million) from 2,957 investors on CrowdCube — more than double its £1.4 million target.

A statement on its crowdfunding page said: “We want to offer fans, customers and partners an exciting chance to invest so we can continue to improve our product and accelerate our growth.” According to the company, these funds will be used to accelerate product development as it seeks to capitalize on the success of its c-to-b reverse auction website, which was launched in 2021.

In 2019, the company raised £4.9 million from 7,967 investors — reaching its target of £2.0 million in less than an hour.

CarWow, which is best known for its video reviews of new vehicles, is backed by Volvo, Mercedes-Benz and VC investors Accel and Balderton. It has raised around $157 million from investors to date.

Apart from the U.K., the company operates in Germany and Spain and has an office in Portugal. It has a total of 370 employees.

Earlier this month, CarWow switched to an extended bidding model for its auctions.

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