The $150 million round was led by new investors Wellington Management Company and Fidelity Management & Research Co. and includes existing funders Bain Capital Ventures, Bessemer Venture Partners and Tribeca Venture Partners.
ACV’s post-money valuation eclipsed $1.5 billion. That number is just math, but it represents a huge moment for the startup scene in Buffalo, which received an outpouring of civic, government, philanthropic and private-sector support over the past decade.
ACV Auctions – which won the $1 million 43North grand prize in 2015 – is the undisputed leader of that movement, but this is turning into a banner year in general for Buffalo startups, with a pace that should easily eclipse records in the total amount of money raised and the number of companies that have closed funding rounds.
“This round of funding enables us to continue significant investments in our mission to be the most trusted and transparent way for dealers to buy and sell used vehicles,” CEO George Chamoun said.
ACV's Series E raise has been expected in Buffalo for months, but the speculation reached another level after a private analytics firm noticed in late October a public financial filing in Delaware, where ACV is incorporated. The filing, first reported by Reuters, gave away the details of the raise before the company was ready to talk about it, and Chamoun has been forced to issue "no comments" until now.
Just five years ago, the web-based platform for wholesale car auctions was a three-person team collecting personal checks from angel investors in Buffalo.
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