AUTO1 secured 255 million euro in a round led by Farallon Capital Management and the Baupost Group

Germany United States Investments 30 July 2020
Share on FacebookShare on Twitter

AUTO1 Group, a Berlin, Germany-based operator of a digital used-car trading platform, said on Thursday it had raised 255 million euros ($291 million).

The money round was raised in the form of convertible notes and was led by Farallon Capital Management and the Baupost Group. Existing shareholders, including Softbank Group, also took part.

Proceeds will be used to develop the company's retail brand Autohero.

AUTO1, founded in 2012, built an online platform providing access to used cars from private sellers, car manufacturers, as well as dealerships and then, resells them through its global dealership network. The platform covers 30 European markets and has traded more than 2 million cars across its three brands. Revenue grew by 21% to 3.5 billion euros in 2019.