1/21/2024 0 Comments Iconiq teamTom Leathes, CEO of Motorway, said: “8,000 car sales a month is still less than one percent of UK used car sales – so there’s a massive opportunity ahead.”ĭanny Rimer, partner at Index Ventures, said: “Since joining the board, following our initial investment in June, I have experienced firsthand just how fast Motorway is growing and how agile the team is in scaling the business to support this incredible growth. Motorway is also announcing the appointment of James Wilson, former director of Marketplace Fulfillment for Amazon UK, as chief operating officer. Some 100,000 used cars have been sold on Motorway since launch, with over 8,000 cars currently being sold a month, with over $2 billion projected completed sales over the next year. Motorway says it now has a network of 4,000 professional car dealers using the platform and claims it has booked a 300% uplift in third-quarter sales to $411 million compared with $105 million last year. They work closely with our board of directors, who have experience leading some of the world's top technology companies. Our leadership team brings decades of expertise to all facets of Relativity, from customer service and security to marketing and team development. Given it’s also a “contactless” process, dealers and car owners increasingly seeking to buy and sell cars online. Meet the people who drive Relativity's strategy and business operations. The cars are then bid on by professional car dealers in a daily online auction, with the car collected for free by the winning dealer within 24 hours. On Motorway, consumers can sell their car via a smartphone app that also uses computer vision to assess the state of the car. Secondhand cars have boomed in price because new cars are being made in smaller numbers due to the lack of supply of computer chips and other essential equipment from China. Nearly half of ICONIQ’s global team is women, with dozens in leadership roles. Part of the reason is the impact of the COVID pandemic on supply chains. The startup is now claiming a valuation of over $1 billion. Existing investors Latitude, Unbound and BMW i Ventures also participated in the round. It’s now raised a $190 million Series C funding round led by Index Ventures and ICONIQ Growth, a leading Silicon Valley technology growth investment firm. Every year, the ICONIQ Growth Analytics team analyzes the financial and operating metrics from private and public companies to understand the data behind scaling B2B SaaS companies. platform on which professional car dealers can bid in an auction for privately owned cars for sale - raised $67.7 million in a Series B round. has secured a 125 million capital injection from a group led by Iconiq Capital, the companies said Tuesday, with plans to. It was only in June that Motorway - a U.K.
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