15 September 2022
We have advised VavaCars, a Turkey-based online trading platform for buying and selling used cars, on its $37 million Series C funding round. This is at a premium to its Series B funding we advised on in November 2021.
A combination of existing and new investors participated, alongside founding investor, Vitol. The funding will be used to consolidate VavaCars’ position as Turkey's leading reseller of used cars.
In the first half of 2022, VavaCars sold more than 20,000 cars and generated in excess of $500m in revenue. It is the pioneer of fully online second-hand car sales in Turkey, selling both to dealers via its proprietary auction platform and direct to consumers.
Commenting on the transaction, corporate partner Angus Miln said: "VavaCars has completely reimagined the way consumers can buy and sell used cars in Turkey by driving innovation to make it a quick and stress-free process. It has been a pleasure working with Lawrence, Alizay, and the team again and we look forward to seeing the business continue on its impressive trajectory."
CFO and co-founder of VavaCars, Alizay Saeed, added: "VavaCars is proud to be a business that was born in Turkey and has successfully brought over $100m in foreign direct investment to the country. This funding round will enable us to sustain our growth and continue innovating on behalf of our customers. We would like to thank the excellent Taylor Wessing team for providing commercially focused and innovative advice throughout which was instrumental in achieving this result."
The transaction was led by corporate partners Angus Miln and Philip Shepherd with support from associate Emily Townsend.