CarSpring receives series B-funding of EUR 3m and expands to European mainland

28 JULY 2015, BERLIN, GERMANY
Summary
CarSpring, the online marketplace for pre-owned cars, has announced a fresh round of funding of EUR 3m. The investment will enable expansion throughout Europe, starting in Germany.

Berlin, July 21st. CarSpring, the online marketplace for pre-owned cars, has announced a fresh round of funding of EUR 3m. The investment will enable expansion throughout Europe, starting in Germany.

CarSpring provides a peer-to-peer innovative platform for people to buy and sell pre-owned cars, matching potential customers with vendors. Users can choose to buy a car from a hand-picked selection or to sell their used car in two short steps. All cars are checked, test-driven by CarSpring inspectors, valued, and delivered to customers’ doorsteps for free, and paperwork is handled by the company. The London-based Rocket Internet-backed startup launched in May 2015.

Co-founder Peter Baumgart: „We are proud that the success of our product has attracted another early stage investment, enabling us to enter new markets sooner than expected. With CarSpring, we aim to make car retail more transparent. There is still no easy and convenient way for customers to buy or sell cars online, but the demand for one is great, as three-quarters of car owners plan to buy a pre-owned car when they are ready for a new vehicle.“

The young company will contribute to an increasingly popular trend as it expands its services to Europe. According to the British Car Auction Report (The Used Car Market Report 2014) the rate of resale of pre-owned cars has risen for the fifth year in a row. The overall value of the car resale market in 2013 was €60,3 billion, making it the biggest market in Europe. The deciding factor for customers buying a pre-owned car is most typically the price.

About CarSpring
CarSpring (www.carspring.co.uk) is a pioneering service-provider for buyers and sellers of pre-owned cars. The company matches customers to vendors, guaranteeing trustworthy, convenient and fast pre-owned car dealing, and incorporating thorough car inspections, options for payment-by-installment, and car delivery into the service. Peter Baumgart and Maximilian Vollenbroich are the two co-founders of CarSpring. The company is supported by Rocket Internet, the world’s largest Internet platform outside the USA and China.

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About Rocket Internet

About Rocket Internet

Rocket Internet builds and invests in Internet companies that take proven online business models to new, fast-growing markets. Rocket Internet focuses on four industry sectors of online and mobile retail and services that make up a significant share of consumer spending: Food & Groceries, Fashion, General Merchandise and Home & Living. Its network of companies operates in a large number of countries around the world with more than 36,000 employees. Rocket Internet SE is listed on the Frankfurt Stock Exchange (ISIN DE000A12UKK6, RKET). For further information please visit www.rocket-internet.com.