ACV Auctions Gets Money to Expand Featured
08 February 2018
ACV Auctions has secured $31 million in Series C venture funding led by Bessemer Venture Partners, Tribeca Ventures, SoftBank NY and Armory Square Ventures. The new capital brings total funding to $53 million since inception and will enable ACV Auctions to expand coast-to-coast by the end of 2018.ACV Auctions is currently selling over 1,000 cars a week and growing with over 400 new dealer sign-ups per month. ACV Auctions currently operates and sells vehicles in 35 markets located throughout the East Coast and Midwest. By the end of 2018 ACV Auctions will double its local presence to over 70 markets by expanding to the West Coast. In addition to fueling market expansion, ACV Auctions plans to use Series C funding to further advance its technology and customer experience. Additionally, the funds will be used to fortify its growing warehouse of data and analytics around vehicles, a hallmark of the company since inception.