Vroom, a NYC-based online used car retailer, raised $254M in Series H funding round.
The round, which brought total capital raised to $721m, was led by Durable Capital Partners LP, with participation from funds and accounts advised by T. Rowe Price Associates, Inc., L Catterton and others.
The company intends to use the funds to continue to invest in its people, technology, product, operations and marketing. In particular, Vroom plans to rapidly expand its newly established product and engineering hub in Detroit, which is expected to increase its product and engineering staff in 2020.
Led by CEO Paul Hennessy, Vroom provides a data driven technology ecommerce platform to buy and sell used vehicles bringing all phases of the buying and selling process to consumers wherever they are.
Through its ecommerce platform, the company offers thousands of low-mileage, reconditioned vehicles with delivery directly to consumers. It also arranges financing through lenders and offers warranty, insurance and other value-added products.
Vroom also operates the Texas Direct Auto brand.