VavaCars raises $37m in Series C to fuel its success in Türkiye
ISTANBUL, Sept. 20, 2022 /PRNewswire/ -- VavaCars, a Türkiye-based online trading platform for buying and selling used cars, has closed its Series C funding round at a premium to its Series B funding in November 2021 raising $37m. A combination of existing and new investors participated, alongside founding investor, Vitol. The funding will be used to consolidate VavaCars' position as Türkiye's leading reseller of used cars.
Since launch in April 2019 in Turkiye, where it operates in close partnership with the leading fuel retailer, Petrol Ofisi, VavaCars is Turkiye's leading reseller of used cars. In the first half of 2022, VavaCars sold more than 20,000 cars and generated in excess of $500m in revenue.
VavaCars is the pioneer of fully online second-hand car sales in Türkiye. It sells both to dealers via its proprietary auction platform and direct to consumers. Consumers benefit from fully inspected and reconditioned cars which are delivered to the consumer's home for free. In addition, there is a 14-day money-back guarantee and a 3-month warranty to ensure consumers are satisfied with their purchase.
Lawrence Merritt, CEO & Co-founder: "We have reimagined the way consumers can buy or sell a car in Türkiye, giving our customers complete peace of mind. We want everyone to be able to buy or sell their car easily, swiftly and without worry. VavaCars is proud to be a business that was born in Türkiye and has successfully brought over $100m in foreign direct investment to the country. This funding round will enable us to sustain our growth and continue innovating on behalf of our customers. This will be our last funding round before achieving profitability"
Burak Dağlıoğlu, President of the Investment Office of Türkiye
"Turkish technology ecosystem continues to attract more investments from international investors due to its resilient, and fast-growing economy, entrepreneurship business culture, capable head count, market size and its charming position lying at the intersection of Europe, Asia and Africa. In the first half of 2022, early stage start-ups have received investments worth to 1.4 billion USD and carried our country to the 8th ranking in European investment league. VavaCars, having an easing and practical role of used car online trading processes has completed its last investment round successfully and brought foreign funds equal to 100 million USD to our country since its establishment. We congratulate VavaCars' team upon its success. As part of our mission, we, the Investment Office of the Presidency of Türkiye, promote these kind of success stories of our entrepreneurship ecosystem in every possible platform and invite global investors to participate in investment rounds. The tangible outcome of this invitations/efforts is our greatest happiness."