VavaCars closed its $37m Series C round. This funding was for VavaCars.It is an online platform that allows users to buy and sell used cars from Istanbul, Turkey.
Vitol, the founding investor, was also present, as well as new and existing investors. This funding will consolidate the company’s market-leading position in Turkey.
VavaCars was founded in April 2019 by Lawrence Merritt (CEO) and is a reseller for used cars that works in close collaboration with Petrol Ofisi, a fuel retailer. It sells to both dealers through its auction platform and directly to consumers.
The cars are fully inspected and reconditioned and delivered free to the customers’ homes. Consumers are guaranteed satisfaction with their purchase by a 14-day money-back guarantee and a 3-month warranty. The company sold over 20,000 cars in the first half of 2022 and earned more than $500m in revenue.