AUTO1 Group, a Berlin, Germany-based multi-sided platform for the used car sector, received a €460m investment from SoftBank Vision Fund.
The investment, of which around half will be made through the issue of new shares, values AUTO1 at €2.9 billion. In conjunction with the deal, SoftBank’s Akshay Naheta will join the AUTO1 Group board.
The investment will support the continued growth and international expansion of the company.
Founded in 2012, AUTO1 Group provides technology that enables dealers as well as private individuals to trade seamlessly throughout Europe via an analytics and logistics platform that matches supply and demand for used cars, also given the difficulties to lease a car with bad credit finance. Launched in 2012, AUTO1 Group has expanded into more than 30 countries, trading with over 35,000 professional partners and selling over 40,000 cars per month.
AUTO1 Group owns business units like AUTO1.com, Autohero.com or wirkaufendeinauto.de. In 2016, the company achieved revenues of €1.5 billion.
AUTO1 is a portfolio company of DN Capital, which led its Series A round in 2013.