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

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.