Vroom, an ecommerce platform for buying and selling used vehicles, has closed a $254 million Series H funding round that brings its total capital raised to $721 million. The round was led by Durable Capital Partners LP, with participation from funds and accounts advised by T. Rowe Price Associates, Inc., L Catterton and others.
New York-based Vroom has created a scalable, data-driven technology platform that brings all phases of the vehicle buying and selling process to consumers. Vroom plans to use this new round of funding to continue to invest in its people, technology, product, operations and marketing. In particular, Vroom plans to rapidly expand its newly established product and engineering hub in Detroit. Vroom’s Detroit office is expected to significantly increase its product and engineering staff in 2020, as it accelerates investment in bringing all aspects of the car buying and selling experience online.
“This new round of funding provides the necessary resources to further grow and scale our business,” Vroom CEO Paul Hennessy said in a statement. “We are thrilled to receive continued support from investors and partners, reinforcing the Vroom model as a tremendous opportunity to bring about a fundamental and enduring change in the used vehicle industry."
