Yoonkee Sull, Partner at ICONIQ Growth says: Strong leadership, coupled with great technology to fuel an incredibly powerful platform, has enabled Motorway to step up a gear and move into the fast lane – they’ve taken advantage of the strong market conditions and changing consumer and dealer behaviour to become the go-to place for people selling their car.” “Since joining the board, following our initial investment in June, I have experienced first-hand just how fast Motorway is growing and how agile the team is in scaling the business to support this incredible growth. It will help us scale even faster, as we strive to build the best technology team in Europe, and change the used car selling experience for the better.”ĭanny Rimer, Partner at Index Ventures, says: We’re thrilled to be working with the teams at Index, ICONIQ and the other investors in this new funding round. That’s a big number, but still less than one percent of UK used car sales – so there’s massive opportunity ahead. “We’re now completing over 8,000 car sales a month. Our team has dedicated themselves to this mission through unprecedented times – enabling us to turn a traditionally lose-lose market into a win-win for our customers and dealer partners.
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“In 2017, we set out to reinvent how people sell their cars, transforming a broken offline process by introducing a superior online experience. James brings significant experience in online commerce for both consumers and businesses, delivering world-class customer experiences at scale.This follows Motorway’s appointment of Lloyd Page (formerly of Moneysupermarket and John Lewis) as Chief Marketing Officer earlier this year. Along with the investment round, Motorway is also announcing the appointment of James Wilson, former Director of Marketplace Fulfillment for Amazon UK, as Chief Operating Officer. The team is expected to grow from 250 to over 350 over the next 12 months. This new $190m investment will be used to hire the best tech talent and build a world-class team across the business, focussed on improving the customer experience and making Motorway the definitive way for people to sell their cars.
This recent surge in sales puts Motorway on a run-rate to deliver over $2bn in completed sales over the next year, making it one of the world’s fastest growing online used car marketplaces. Over 100,000 used cars have been sold on Motorway since launch, with over 8,000 cars currently being sold a month and a new sale being agreed every five minutes. As a result, Motorway recorded a 300% uplift in third-quarter sales to $411 million compared with $105 million last year. Motorway’s continued focus on product innovation and improving the customer experience meant it was well positioned to capitalise on the behavioural change driven by the pandemic, with both dealers and car owners increasingly seeking to buy and sell cars online.
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With a network of 4,000 professional car dealers using the platform to directly bid on these vehicles, Motorway helps customers sell their car for up to £1,000 more in as little as 24 hours – while supporting its car dealer partners to acquire the best used car stock online. Motorway enables customers to quickly and easily sell their car for the best price from the comfort of home using only a smartphone. Existing investors Latitude, Unbound and BMW i Ventures also participated in the round. The round is led by Index Ventures, backers of Deliveroo, Etsy and Dropbox, and ICONIQ Growth, a leading Silicon Valley technology investment firm and partners of Collibra, Miro and Wolt. London, Monday 29th November – Motorway, the UK’s fastest growing used car marketplace, has today achieved unicorn status with a valuation of over $1bn following a $190m Series C funding round. Company also announces the appointment of James Wilson, former Director of Marketplace Fulfillment at Amazon UK, as Chief Operating Officer.Motorway has seen 300% YOY growth and is on a run-rate to deliver more than $2bn in sales over the next 12 months.Used car marketplace Motorway, is valued at over $1bn in a new funding round of $190m, co-led by Index Ventures and ICONIQ Growth, with existing investors Latitude, Unbound and BMW i Ventures also participating.
MOTORWAY HITS UNICORN STATUS WITH $190M SERIES C FUNDING ROUND FROM INDEX VENTURES AND ICONIQ GROWTH
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