Index Ventures has managed to invest USD 67.7 Million in Motorway that helps them to push in a better manner for promoting their second-hand car business in a better manner. This does show the fact that Index Ventures have done a great job to promote Motorway for making the United Kingdom change the perspective of seeing the second-hand car market which is also in a boom. As they do mostly get profit in selling a product back, it makes them a business that can mostly do well when there is a quality plan to follow and others in the same business might not be able to make a huge difference. Ukbased Motorway Series Venturesbutchertechcrunch.
Other than local players, who are in the same market for years, it does not cost anyone that hard. This does show the fact that Motorway might kill the small players with this funding, which is acutually not huge in the business of selling cars. However, with this deal they can give better rates to others and make things possible at the very best level. Hence, it does allow them to stay ahead of others and keep on building the brand in a better manner. This, in a way, does show the impact and command of Motorway. Motorway Index Venturesbutchertechcrunch.
The start-up was founded in 2017 and it has headquarters in London, United Kingdom. Victoria Biggs is the Chief communications officer, Harry Jones is the Chief product officer and James Wilson is the CCO. The start-up was founded by Tom Leathes, Alex Buttle, Harry Jones. As of 2022, it has more than 350 employees work for them. They have a network of 5000+ dealers, which does show the impact they have made despite in 2020, the COVID-19 spread did make a huge stop in this industry as not many were driving so there was no need of buying a car for many who would have done had there been not pandemic. Existing vendors Latitude and Marchmont Ventures did take part in this funding round. Ukbased Motorway Venturesbutchertechcrunch.
They do allow customers to sell their car up to £1,000 more than what they could have done otherwise. Hence, it does give the win-win situation for them and allows Motorway to take the lead. Since 2017, they have managed to sell more than 65,000 cars. In May 2021, the sales they hit was around USD 50 million. It does speak volume as the UK does not have the population like India and United States. They are even behind Pakistan in population. So it does tell a lot about the market size. Hence, $50 million sale in a month does tell a lot. Ukbased Motorway Index Venturesbutchertechcrunch.
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Leathes said “COVID has been a real accelerator of something that was already happening. The car industry is moving online and that’s partly about people buying their next car online, but it’s also about dealers changing their behavior, how they do business, where they buy their cars. It forced that change which they resisted for a long time, and now they’re embracing it, so it’s a fundamental shift in the industry. And this is why we see such a massive opportunity to provide the rails to help both sides of the marketplace to move online.”
Ukbased Motorway Series Index Venturesbutchertechcrunch: They have managed to raise £14 million in venture funding since 2017.
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