Motorway: Venture funding report as of November 2021
In this blog post, I want to share with you the reader a complete venture funding journey of a startup/business called “Motorway”. One of the reasons why I’m writing about this particular startup is because it is growing as a business and because of that it is also getting funded in the right way. I love reading, talking, and discussing good businesses and Motorway seems like a perfect example of it.
Hence a post about its funding details up until now. But before that here is an official intro about the company in its own words.
An official snippet about Motorway: Motorway started in 2017 with a vision to build a better car market for everyone, harnessing the power of technology to deliver an amazing experience. We help everyone to quickly and easily sell their car for the best price from the comfort of home, using only a phone.
With our network of more than 4,000 professional car dealers directly bidding on vehicles, we enable customers to sell their car for up to £1,000 more in as little as 24 hours — while supporting our car dealer partners to acquire the best-used car stock, 100% online. This is the way to sell your car. This is the Motorway.
In our first 4 years, we’ve helped over 2.5 million customers value and sell their cars, and have grown at over 300% year on year. And the journey’s only just begun. End of the snippet.
Now, back to the funding details and stuff.
Funding rounds detail with Date, Transaction Name, Funds raised, and Investor Names.
- Date — May 1st, 2017 Angel round with £500K raised from Christian Woolfenden, Duncan Jennings, Marc Hazan, and Shakil Khan as the lead investors.
- Date — May 5th, 2018 Seed round with £2.8M raised from LocalGlobe and Marchmont Ventures as the lead investors.
- Date — June 25th, 2019 Series A round with £11M raised from Marchmont Ventures as the lead investor.
- Date — June 14th, 2021 Series B round with £48M raised from Index Ventures as the lead investor.
- Date — November 28th, 2021 Series C round with $190M raised from ICONIQ Growth and Index Ventures as the lead investors.
In total as of today when I’m writing this post Motorway has raised a hefty $276.1M U.S. dollars in its past five different funding rounds.
Motorway in my personal opinion seems to be solving the problem of selling a used car with a lot more understanding and empathy towards both the sellers and buyers. And, that’s why I seem to have liked their business model from the past couple of months of knowing about Motorway.
I think the company is only at an early stage of its growth cycle and has a long way to go in the journey of building one of the world’s best online used-car marketplace.
Kudos to the team behind Motorway for what they have achieved up until now and wish them the best for all their future endeavors.
Thank you for reading this, and God Bless Everyone.
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Bio: Genius, Polymath, Entrepreneur, Philosopher.