Rockar, a UK-based innovative motor retailer, raised £5m in equity funding.
Backers included Maven Capital Partners and NVM Private Equity, which committed £2.5m each.
The company intends to use the funds to augment partnerships with major automotive manufacturers following Hyundai, launch more digital stores in shopping centres and continue to develop its technology platform.
Established in 2012 and led by Simon Dixon, Rockar has developed an online solution which allows car manufacturers to digitalize their market strategy via “Buy Button” technology that enables the consumer to complete the entire purchase online, including options for part-exchange and finance.
The company, which had raised £1m investment from Seneca Partners EIS funds in November 2014, operates two digital stores in the Bluewater Shopping Centre, Kent and the Westfield Shopping Centre, East London.