Online dealer-to-dealer wholesale marketplace ACV Auctions announced a $93 million Series D funding round on Wednesday, bringing its total funding raised since 2015 to more than $145 million.
Bain Capital Ventures and Bessemer Venture Partners led the round, which also included Future Fund, Tribeca Ventures and Armory Square Ventures.
This round gives ACV the ability to “double down on product and engineering, expand the breadth of its platform and provide new real-time data analytics to dealers,” the company said in a news release.
ACV also plans to “continue its nationwide expansion to over 140 territories in 2019,” it said.
By the end of 2018, ACV said it will be in 80 markets, having started at 30 markets at the year’s outset. There are now 500 employees, compared to 200 earlier in 2018.
“Thousands of dealers around the country are turning to ACV Auctions as the trusted, transparent digital marketplace to buy and sell their wholesale inventory,” ACV chief executive officer George Chamoun said in a news release.
“We are proud to partner with Bain Capital Ventures and Future Fund to help fuel our continued growth,” he said. “We have the resources to significantly increase investment in our platform, grow our passionate team across the country and continue to exceed dealers’ expectations.”
Brian Goldsmith of Bain Capital Ventures added: “ACV has soared past startup phase at an incredible pace. Its rapid growth and unwavering commitment to meet the buying and selling needs of auto dealers has proven it can and will continue to disrupt the traditional marketplaces for the better.”
“We are fortunate to have supported ACV Auctions since the beginning and throughout every stage of their growth,” said Bessemer Venture Partners partner Bob Goodman. “We have been particularly impressed by George and the team’s ability to stay ahead of the competition by moving fast and constantly innovating on their market leading product to change the way dealers buy and sell cars. We see a bright future ahead for ACV as they continue to grow nationwide and are excited to once again back the team.”