PHILADELPHIA--(BUSINESS WIRE)--Gettacar, the online car buying start-up that makes the car buying and ownership process easy, today announced $25 million in funding, bringing the total raised to $48 million. The round was led by 3L and Luxor Capital, with additional participation from Torch Capital. Gettacar will use the new funding to continue investing in the customer experience, expand into additional markets, and product development.
“Buying a car is a huge decision for nearly every person going through the process, and that’s just the first step,” Yossi Levi, Founder and CEO of Gettacar said. “Then there’s the stress of car upkeep and maintenance, which is why we built Gettacar around a simple philosophy: create the best car buying & ownership experience. With consumer offerings car buyers can’t get anywhere else, including 48 hour deliveries, at home test driving, and an unparalleled 365-day bumper-to-bumper protection and maintenance package included with every car, Gettacar is a unique online car buying platform that is entirely focused on the customer experience from day one and represents the future of car buying.”
Since Gettacar’s launch in 2018, the company has focused on building proprietary technologies and consumer-first guarantees that are unparalleled in the online car buying industry. Car buyers can buy online in as little as 12 minutes, get real-time online financing options, and have seven days to decide whether they’d like to keep the car. Every Gettacar vehicle comes with the Gettacar Guarantee, the 365-day bumper-to-bumper protection and maintenance package.
“Consumers now expect a fully digital and seamless car buying experience,” said Shawn Colo, Co-Founder of 3L. “Gettacar delivers tremendous value for its customers by controlling every aspect of retailing in house, and we are thrilled to continue partnering with Yossi and team.”
"Yossi and the Gettacar team have done an incredible job combining their deep understanding of the traditional used car space, their obsession with user satisfaction and impressive tech acumen to create a seamless, world-class consumer experience and change the way people buy cars for many years ahead," said Jon Keidan, Founder and Managing Partner, Torch Capital.
Gettacar’s vertically integrated business model is also unique and allows the company to quality control their inventory by keeping inventory acquisition, logistics, reconditioning, and merchandising in-house. In 2020, the company saw a 186 percent year-over-year increase in sales growth and in 2021, the projected sales growth is 210 percent year-over-year. Gettacar plans to launch in additional U.S. markets in 2021.
Gettacar is an online car buying start-up that is creating the best car buying and ownership experience. By offering a seamless online platform with industry leading service and guarantees, Gettacar represents the future of car buying. Founded in 2018, Gettacar is currently available in seven markets in the U.S. including New York and Washington DC, with investors including 3L, Luxor Capital, and Torch Capital, among others. Gettacar currently has 150 employees with offices in the Greater Philadelphia area and Tel Aviv, Israel. For more information, visit www.gettacar.com.