Carspring, the used car buying platform founded by Rocket Internet in 2015, based in London and Berlin, has picked up £5 million in Series B funding.
Carspring is an online used car dealership which enables the car buying process entirely online. On the supply side it sources used cars from a network of used car dealers, while the demand side sees it put in place numerous features to make buying online both trustworthy and extra convenient.
This includes mechanical checks to ensure vehicles makes the Carspring grade, a 6 month warranty on cars bought, home delivery, and a 14 day money-back guarantee. A big part of the Carspring’s pitch to consumers is that its processes can be trusted, with no or little downside buying a car online rather than in person. In addition, the company provides financing to let buyers purchase a car in installments.
The importance of putting weight behind the Carspring brand would also explain why the company is investing heavily in ‘above the line’ advertising and taking media-for-equity investment from Channel 4.