Monday, June 27, 2022

Tiger Global Doubles Used Car Startup Carma $75 Million Series A

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US venture capital giant has backed again online used car platform, carma in a US$52 million (A$75m) Serie A round

General Catalyst Partners led the round. MD Adam Valkin will join Carma’s board. Other US VC local investments include Canva, BigCommerce and Buildkite

Other international venture capitalists participating in the round include Entrée Capital and Avenir Growth, which have supported online used car portals in Europe and India. Australian investors include Five V Capital and family office Terrace Tower Group.

The Series A follows a $28 million seed round in March 2021 led by Tiger, taking the total raised by Carma in just over 12 months to past $100 million.

The money is earmarked for Carma’s team expansion, expanding its used car inventory and setting up overhaul activities in Melbourne and Brisbane.

Carma co-founder and CEO Lachlan MacGregor said the company already has a leading used car reconditioning facility in Sydney, supporting the platform’s end-to-end digital purchasing process.

“This investment allows us to accelerate our interstate expansion and continue to develop our platform, changing the way Australians buy cars,” he said.

“To know that some of the leading international investors with experience in this space have identified Carma as the player to return to Australia is incredibly gratifying.”

Its co-founder and chief commercial officer of the startup, Yosuke Hall, said the feedback we’ve received from customers has been universally positive.

“It’s clear that Australians are excited about the prospect of an easier and faster way to buy high-quality used cars from a trusted source,” he said.

“Carma remains committed to becoming the recognized leader in Australian used cars – not only by providing a superior user experience, but also as a preferred employer in the automotive industry.

“We know that success comes down to quality operations, seamless last-mile logistics and unparalleled customer service. We are delighted to have the support to continue executing our vision.”

Five V Adrian Mackenzie said Carma’s success is due to the team and ability to perform.

“We have known Lachlan for many years and we are excited about the business he and Yos are building,” he said.

“There is an opportunity to build a clear category leader in this market”.

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