BERLIN--(BUSINESS WIRE)--Today AUTO1 Group, Europe’s leading used-car marketplace, announced that it has raised €360 million in debt and equity financing from leading banks and investors to expand within Europe. Princeville Global led the latest Series E round with a €75 million investment.
AUTO1 Group operates a technology-enabled marketplace connecting buyers and sellers of inspected used vehicles across Europe. In 2016, AUTO1 Group facilitated 330,000 vehicle transactions on its platform and reported revenue of €1.5 billion. Co-founder and co-CEO Christian Bertermann said, “We continue to target very high growth rates and seek to achieve a 10 percent market share in Europe mid- to long-term.” AUTO1 Group has a growing network of 320 evaluation branches and over 30,000 car dealers across Europe.
“Today we are excited to announce our Series E, a round that will enable us to cement our leadership position in Europe with continued expansion,” said Hakan Koç, co-founder and co-CEO of AUTO1 Group. “We chose to work with Princeville Global for their industry expertise, global platform and their unique ability to be trusted counselors as we continue to grow and prepare for the future. The confidence placed in us by Princeville Global shows that we are on the right track to establishing sustainable growth and profitability.”
Princeville Global has a long history of success in backing leading technology companies around the world. The firm has a worldwide network of deep and long-standing relationships built over decades of experience investing in and advising leading entrepreneurs and technology executives.
“AUTO1 Group operates a disruptive business model in the highly-fragmented and sizable used-car market, which is valued at over €200 billion in continental Europe alone,” said Emmanuel DeSousa, Managing Partner of Princeville Global, who will assume a seat on AUTO1 Group’s Board. “Under the visionary leadership of its founders, AUTO1 Group is positioned to continue leading the European used-car marketplace as it provides an increasingly unique value proposition for individual sellers and independent dealers.”
About Princeville Global
Princeville Global is an investment firm focused on backing rapidly-growing technology-related companies around the world. The firm looks to support entrepreneurs seeking not only capital, but a value-added partner who can help them fulfill their aspirations to create companies of global scale. The firm has a worldwide network of relationships built over decades of experience investing in and advising rapidly growing companies in the technology sector. Princeville Global has offices in San Francisco and Hong Kong. Visit www.princevilleglobal.com for more information.
About AUTO1 Group
Based in Berlin, AUTO1 Group is Europe’s leading used-car marketplace. Founded in 2012, the company is empowering its consumers and dealers with liquidity and first class supply, sourcing from channels including OEMs and dealerships. AUTO1 Group operates in more than 20 countries and supports over 30,000 car dealers across Europe. Visit www.auto1-group.com for more information.