06 December 2019:
User car marketplace Vroom has raised $254 million in Series H round of funding. The funding round was led by led by Durable Capital Partners LP, with participation from funds and accounts advised by T. Rowe Price Associates, Inc., L Catterton and others.
The company will use the fresh capital to invest in its people, technology, product, operations and marketing. In particular, Vroom plans to rapidly expand its newly established product and engineering hub in Detroit.
With this funding round, the company has raised $721 million till now.
Paul Hennessy, CEO, Vroom, said, “This new round of funding provides the necessary resources to further grow and scale our business. We are thrilled to receive continued support from investors and partners, reinforcing the Vroom model as a tremendous opportunity to bring about a fundamental and enduring change in the used vehicle industry.”
Henry Ellenbogen, CIO at Durable Capital Partners LP, said, “I’ve worked with the Vroom team for years and I’m pleased to announce that it is one of the first companies that my new firm is investing in. We’re very excited to be a part of the future of automotive retail, and support Vroom in its efforts to move the car buying and selling process online for consumers across the country.”
(Image – Vroom)