We have advised VavaCars, an online used car transaction platform, on its $50 million Series B funding round which will be used to expand its operations in Turkey and Pakistan. Investors included founding investor Vitol and the Duquesne Family Office LLC.
Founded in 2019, VavaCars is a vehicle trading platform designed to bring trust, transparency and convenience to the second-hand car market. It allows customers to browse and purchase cars online from the comfort of their homes, and sell their cars using its online valuation tool combined with a physical inspection at one of its Customer Centres.
The company, which operates in close partnership with leading fuel retailer Petrol Ofisi, has traded more than 10,000 cars and grown to 300 employees since its launch. It has been growing GMV by an average of 30% month-on-month serving the wholesale and retail market with the very best selection of consumer sourced cars.
The new funds will be used to accelerate the buildout of VavaCars' technology platform, physical infrastructure and brand. The business also intends to expand into new markets leveraging the fuel station networks of its founding investor, Vitol.
Commenting on the transaction, corporate partner Angus Miln said: "Since its launch Vavacars has been disrupting the used car market, driving innovation to make the process of buying or selling a car easier for its customers in its chosen markets. We're excited for Lawrence, Alizay and the team as they build for further growth."
CFO and co-founder of VavaCars, Alizay Saeed, added: "We intend to develop the world's most trusted used car trading platform and this investment will allow us to continue to build towards that goal. We are grateful to the Taylor Wessing team which provided creative, practical and commercial advice throughout the transaction and was vital in achieving this result."
The transaction was led by corporate partners Angus Miln and Philip Shepherd with support from senior associate Elinor Picton and associate Emily Townsend.