VC firms back €360m series-E round for Auto1

The round is a mix of debt and equity financing with cooperation from JP Morgan, Goldman Sachs, Barclays, Citi, BNP Paribas and BHF Bank. The new investment is made on the basis of a €2.5bn valuation. According to press reports, Princeville Global invested €75m for its stake in the round.

The fresh capital will be used to focus on further penetration of European markets. The CEO said in a statement that the company targets a 10% market share in Europe in the mid- to long-term.

The company's valuation has more than doubled since 2015 and the group reported revenues of €1.5bn in 2016, up from €750m in 2015.

Previous funding
In April 2015, Piton Capital, DN Capital and DST Global provided a €118m growth investment for Auto1.

Company
Founded in 2012 by entrepreneur Christian Bertermann, Auto1 is an online trading platform for used cars. It connects buyers and sellers electronically and is used by consumers as well as professional dealers and original equipment manufacturers. The company facilitated 330,000 sales in 2016 and reported revenue of €1.5bn. It has a network of 30,000 car dealers and directly employs 2,500 people.

People
Auto1 Group – Christian Bertermann (co-CEO).

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