Berlin, July 30, 2020 – AUTO1 Group, Europe’s leading digital automotive platform, today announced the closing of a €255 million funding round to support its continued growth and expansion. The convertible note funding round was led by Farallon Capital Management, L.L.C. and The Baupost Group, L.L.C while existing shareholders also participated.
AUTO1 Group plans to use the fresh capital to develop and accelerate the growth and expansion of its retail brand Autohero (www.autohero.com). AUTO1 Group Co-CEO Christian Bertermann says: ”With Autohero, our mission is to create the best way to buy a car. We want to make car buying as easy, enjoyable and comfortable as it should be. With our strong C2B backbone, AUTO1 Group is uniquely positioned to create the market leading next generation car buying experience.“
AUTO1 Group CFO Markus Boser says: “We are excited to welcome Farallon Capital and The Baupost Group to our investor base. We are grateful for the trust that our new and existing partners are placing in us as we continue to build our vision of creating Europe’s most advanced digital automotive platform. We have achieved tremendous success since we founded AUTO1 Group in 2012 in our traditional C2B business, and are now ready to take our business to the next level.”
Most recently, the company expanded its European refurbishment capacity and started to build its own fleet of branded delivery trucks. Its digital end-to-end fulfillment system allows AUTO1 Group to deliver a unique e-commerce customer experience including home delivery. In 2019 the Berlin-based tech company grew its revenue by 21% to €3.5 billion (2018: €2.9 billion) by increasing the number of traded cars via its European C2B brands, AUTO1.com and Autohero to over 610,000. Since 2012, AUTO1 Group has traded more than 2,000,000 cars, providing it with the market leading dataset for the European automotive trade.
About AUTO1 Group
Founded in 2012, AUTO1 Group is a multi-brand technology company that is building the best way to buy and sell cars online. Its local European consumer brands like wirkaufendeinauto.de offer consumers the fastest and easiest way to sell their car. Its merchant brand, AUTO1.com, is Europe’s largest wholesale platform for car trading professionals. With its retail brand Autohero, AUTO1 Group is using its technology, scale and operational excellence to develop the best consumer experience to buy a car online. AUTO1 Group is operating in over 30 countries and achieved revenues of €3.5 billion in 2019.
For more information please visit www.auto1-group.com.