Motorway raises $190M, hits unicorn status
Motorway recently raised $190 million in its Series C round of funding led by Index Ventures and ICONIQ Growth. The round also saw participation from existing investors Latitude, Unbound, and BMW i Ventures. This injection of capital has, reportedly, brough the company up to a valuation of $1 billion.
Motorway CEO Tom Leathes said, “8,000 car sales a month is still less than one percent of UK used car sales – so there’s a massive opportunity ahead.” He added, “What motorway does differently to a lot of competitors is that we are we’re not a retailer. We don’t own inventory. We’re a marketplace. And so that that allows us to scale much more quickly.”
Founded in 2017 by Leathes, Harry Jones and Alex Buttle, the company’s main offering is a platform wherein professional car dealers can bid on privately owned cars for sale.
Commenting on the investment, Index Ventures partner Danny Rimer said, “Since joining the board, following our initial investment in June, I have experienced first-hand just how fast Motorway is growing and how agile the team is in scaling the business to support this incredible growth.”
ICONIQ Growth partner Yoonkee Sull further stated, “The used car market’s move online is only accelerating and we believe Motorway is delivering the best consumer experience and the most differentiated supply to dealers in the UK.”
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