Contxto, a used car brokerage based out of Brazil, recently fund raised $17.8 million during a funding round that was led primarily by SoftBank and Kaszek ventures.
As part of Volanty’s third funding round, the new capital will go towards accelerating the company’s growth. Plans include launching new appraisal centers, hiring personnel such as industry executives, as well as developing new technologies.
Not long ago, Canary and monashees led a round worth $4.7 million last year, meaning this is a follow-on for them. Prior, Canary also invested around $600,000 in 2017 that went towards developing the platform, hiring and training of workers, in addition to infrastructure.
Back in the day, Volanty only accepted automobiles under six years old with less than 100,000 kilometers driven. Now, cars produced from 2,000 onwards with any mileage are accepted into the marketplace.
With new horizons comes new projects. One potential area for expansion is fintech collaboration. That’s to say, Volanty is reportedly discussing partnerships with intermediary credit financial groups to support users in purchasing vehicles.
Volanty’s recent investment reinforces the bullishness of this fragmented market where a variety of second-hand dealerships compete, generating around $101 billion a year. The industry sold over 14 million pre-owned cars in 2018, according to Fenauto, the national car dealership federation.
Read more here
Join us November 12-15 for the Property Portal Watch Conference Madrid 2019.