PE-backed online car retailer Vroom grabs $95 mln Series C
Summary
Vroom’s previous backers include Catterton, General Catalyst Partners and T. Rowe Price Associates Inc. NEW YORK, NY – December 16, 2015 – Vroom (www.vroom.com), the premier online retailer of pre-owned cars, today announced it has agreed to acquire Texas Direct Auto (TDA). “We have always admired Texas Direct Auto’s capabilities and we’re excited to partner with them, especially considering their groundbreaking, RFID-led automated reconditioning process,” said Allon Bloch, CEO of Vroom. By leveraging big data, Vroom provides customers with cash offers to purchase their cars sight unseen, in under five minutes, an industry first. The new funding will support the acquisition while allowing Vroom to accelerate growth and expedite delivery, with the goal of shipping cars to customers all over the country within just 48 hours of purchase. Founded in 2002 by two serial tech entrepreneurs, Mike Welch and Rick Williams, the company has grown from a two-person startup to the largest privately owned independent dealership in the nation.