VavaCars, a Istanbul, Turkey-based online trading platform for buying and selling used cars, closed its $37m Series C funding round.
A combination of existing and new investors participated, alongside founding investor, Vitol.
The funding will be used to consolidate the company’s market leading position in Turkey.
Launched in April 2019 by Lawrence Merritt, CEO,VavaCars is a reseller of used cars operating in close partnership with fuel retailer Petrol Ofisi. It sells both to dealers via its proprietary auction platform and direct to consumers. Consumers benefit from fully inspected and reconditioned cars which are delivered to their home for free. In addition, there is a 14-day money-back guarantee and a 3-month warranty to ensure consumers are satisfied with their purchase.
In the first half of 2022, the company sold more than 20,000 cars and generated in excess of $500m in revenue.