Industry News
Online retailer Autoquake raises £6m to fund international expansion
23rd April 2008
Autoquake, the UK online used car retailer, has announced the closure of a £6 million second round of venture capital funding led by Highland Capital Partners in conjunction with existing investor Accel Partners. As part of the financing, Fergal Mullen, General Partner at Highland Capital Partners will join the Autoquake board.
The financing is in addition to the £3 million invested by Accel Partners in the summer of 2006 and will allow Autoquake to grow its UK operations, service offerings, technology platform and provide capital for its planned international expansion.
Autoquake sells used cars direct to consumers through www.autoquake.com. So far in 2008 it claims to have offered car buyers discounts of, on average, 10% over car supermarkets and 17% over franchised dealer prices. All the cars it offers go through a 120 point inspection and come with a 100% money-back guarantee. Customers can test drive cars on sale at one of Autoquake’s hand-over centres before committing to purchase.
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