4 years ago

Motorway Raises $190 Million in Series C Funding, Hits Unicorn Status

  • Motorway, a London-based online marketplace for used cars, has raised $190 million (£142.2 million) in a Series C funding round, valuing the company at over $1 billion

  • The funding will be used to increase tech hires and grow the team from 250 to over 350 staff over the next year

  • The round was led by Index Ventures and ICONIQ Growth, with participation from existing investors Latitude, Unbound, and BMW i Ventures

  • Motorway, founded in 2017, acts as an intermediary between consumers and car dealerships, which bid on vehicles in an online auction

  • The service is free to customers, but dealers must pay a fee upon completing a successful transaction

  • Motorway has sold over 100,000 cars via its platform since its inception.

      • ProblemTechnology

      "selling a used car is a time-consuming and stressful process, often involving haggling with multiple dealerships and facing uncertainty about the final price."

      Solution

      "Motorway provides a convenient and transparent online platform where car owners can sell their vehicles through a competitive auction process, receiving multiple bids from dealerships and ensuring a fair price."

      Covered on