Online Used-Car Retailer Vroom Raises $76 Million
Currently employing around 600 people in the U.S., the company raised $295 million so far; T. Rowe Price Group, General Catalyst and Pico Ventures participated in the funding round
New-York based online used-car retailer Vroom raised a $76 million Series F funding round, the company announced in a press release. Vroom has raised $295 million to date.
Currently employing around 600 people in the U.S., Vroom was founded in 2013 by Israeli-born Elie Wurtman and Allon Bloch. In 2015 the company acquired a Texas Direct Auto, a competitor from Stafford, Texas. Other competitors include Shift Technologies and publicly traded Caravana.
Investors in the company’s latest funding include Baltimore-based asset management group T. Rowe Price Group, Cambridge, venture capital firm General Catalyst, headquartered in Cambridge, Massachusetts, and Israel-based venture fund PICO Venture Partners.
“Research shows that less than 1% of people prefer the current car-buying process,” said . "That dissatisfaction is why we’re investing in a better customer experience,” said Vroom’s CEO Paul J. Hennessy, in a press release. Mr. Hennessy, the former CEO of online travel company Priceline.com, said he is encouraged by the adoption rate the company is seeing.
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