Autoquake’s more cash
March 9th, 2010 by Richard Aucock
LEADING online used car dealer autoquake.com has secured a big £6 million investment deal to finance further growth.
Venture capital financing has been provided by existing investors Accel Partners and Highland Capital Partners.
The deal also includes venture debt financing provided by Kreos Capital.
Autoquake.com CEO Dermot Halpin said the firm ‘is about focusing on what customers want when they are buying a used car: In the last 6 months Autoquake has taken big steps forward in terms of operational excellence.
‘We now have a great foundation and are gearing up for the next stage of growth with this new investment.
‘We are pleased to have the continued support of Accel Partners and Highland Capital Partners behind us and are pleased to welcome Kreos Capital onboard.’
The deal was aided by confidence in the autoquake.com business model, added Accel Partners’ Kevin Comolli, which sets the firm apart. ‘It creates value for both consumers and fleets in a way that has never been done before.
‘Key to the Autoquake concept is the focus on customers and ensuring that cars are prepared to a high quality, with factory like efficiency, and an ecommerce platform which enable those cars to be sold in a fraction of the time that cars remain on traditional car dealer forecourts
‘A lot of progress has been made in the business and we are now ready to see the real leverage that it can provide.’
Tags: autoquake.com