Online car marketplace motorway.co.uk raises £11m
UK-based online car marketplace Motorway has secured £11m in funding to expand its platform.
Founded in 2017, the firm has said it will use the funds to further develop its team of 40, improve its software platform and expand its network of car buyers and marketing of the service throughout the UK.
The platform allows users to compare headline offers, read buyer reviews, fees and collection options to find their best deal.
As a two-sided marketplace, Motorway’s buyer platform provides a way for car buying firms to buy the best used car stock, direct from consumers in hopes of getting a better deal.
The latest round brings the firm’s total investment to £14.3m, following an angel round in 2017 and see round in 2018.
Motorway was founded by Tom Leathes, Alex Buttle and Harry Jones, an entrepreneurial team with three successful internet startups behind them. As part of the round, Hugo Burge is appointed to the role of non-executive Chairman.
“We started Motorway with the vision to bring speed, choice and transparency to the process of selling a car – an experience that’s gone mostly unchanged for decades,” said Leathes.
“This is a complex industry that frequently delivers a bad experience for sellers and buyers alike.
“With this new funding, we will now be doubling down on building the best possible car sales platform for consumers, and enabling car buyers to improve their stock acquisition processes at scale. We’re thrilled to have the continued support of Marchmont Ventures and LocalGlobe in this round, and it’s amazing to have Hugo’s deeper involvement in the role of Chairman going forward.”