Motorway, a London, UK-based used car marketplace, raised £11m in Series A funding.
The round was led by Marchmont Ventures, which is managed by Hugo Burge and Alan Martin (the former CEO and CFO of Momondo Group), along with participation from existing backer LocalGlobe. As part of the round, Burge is appointed to the role of non-executive Chairman.
The company intends to use the funds to further develop its team, software platform, expansion of its network of car buyers and marketing of the service throughout the UK.
Founded by Tom Leathes, Alex Buttle and Harry Jones, Motorway is a used car marketplace, connecting consumer sellers to professional car buyers through its price comparison website, motorway.co.uk
Consumer car sellers can instantly see live offers from multiple car buying services and specialist dealerships. They can compare headline offers, read buyer reviews, fees and collection options to find the best deal.
As a two-sided marketplace, the company’s buyer platform provides a fast and efficient way for car buying firms to buy the best used car stock, direct from consumers – cutting out middlemen.
Launched in July 2017, the platform has over 100,000 monthly customer sales enquiries, and has achieved over £130m worth of completed car sales through its buyers.
The company has a team of 40.