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Online Used-Car Retailer Vroom Is Looking to Raise $70 Million, Report Says

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Online Used-Car Retailer Vroom Is Looking to Raise $70 Million, Report Says

TechCrunch reported Sunday that the New York-based company has already raised $30 million towards its goal

CTech | 12:18  02.09.2018
New-York based online used-car retailer Vroom is attempting to raise $70 million in new equity funding, TechCrunch reported Sunday. The company has already secured $30 million towards its goal, according to the report. In March, Vroom laid off approximately 30% of its workforce, according to TechCrunch, shutting down its offices in Dallas, Texas and Whitestown, Indiana.

Vroom was founded in 2013. In July 2017, Vroom raised a $76 million Series F funding round, bringing its total capital raised to $295 million. Investors in the company include Baltimore-based asset management group T. Rowe Price Group, Cambridge, Massachusetts-based venture capital firm General Catalyst, and Israel-based venture fund PICO Venture Partners.

Vroom founders Elie Wurtman (left) and Allon Bloch. Photo: Natasha Jahangir Vroom founders Elie Wurtman (left) and Allon Bloch. Photo: Natasha Jahangir Vroom founders Elie Wurtman (left) and Allon Bloch. Photo: Natasha Jahangir

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