CarPrice, a Russian online used car broker and auctioneer, closed $40m Series B funding.
The round was led by Baring Vostok Private Equity Fund V, with additional participation from Almaz Capital and other investors.
The company intends to use the funds to expand its presence in Russia and internationally.
Led by CEO Eduard Gurinovich, co-founder and key investor Oskar Hartmann, CarPrice is a C2B online auctioneer for second hand cars. It provides car buyers with free online valuation. More than 1,000 dealers from across Russia determine the best competitive price during an average 30 minute online bidding process to complete the auction. When the offered price is accepted by sellers, they collect the amount due to them in CarPrice outlets.
The company employs about 200 people.