Vroom, a NYC-based online pre-owned car retailer, completed a $50m Series E funding.
Backers included new investors Altimeter Capital and Foxhaven Asset Management, which joined previous investors L Catterton, General Catalyst Partners, Allen & Company, and funds and accounts advised by T. Rowe Price Associates, Inc.
The company, which has raised $218m in total funding since inception, intends to use the funds to expand operations.
Led by CEO Paul J. Hennessy, Vroom provides an online pre-owned car buying, financing and selling platform used by customers nationwide. Based in New York, Dallas and Houston, the company brings the entire buying and selling process online and on mobile with buyers and sellers getting free car pickup and delivery, respectively. Car buyers benefit from a 7-day money back guarantee, which replaces the traditional test drive.
Vroom also operates the Texas Direct Auto brand.