VavaCars, a Turkey-based online trading platform for buying and selling used cars, has raised $37M in a Series C funding round from a combination of existing and new investors alongside founding investor Vitol. The platform works on the similar lines of UK’s Cazoo, Egypt’s Slynder, and Carzami.
The funding will help VavaCars to consolidate its position as a leading reseller of used cars in the Turkish market.
Lawrence Merritt, CEO & co-founder, says, “We have reimagined how consumers can buy or sell a car in Türkiye, giving our customers complete peace of mind. We want everyone to be able to buy or sell their car easily, swiftly, and without worry. VavaCars is proud to be a business born in Türkiye and has successfully brought over $100m in foreign direct investment to the country. This funding round will enable us to sustain our growth and continue innovating on behalf of our customers. This will be our last funding round before achieving profitability.”
Reselling used cars
Founded in 2019 by Lawrence Merritt, VavaCars is a reseller of used cars operating in close partnership with fuel retailer Petrol Ofisi. The platform sells directly to dealers via its proprietary auction platform and consumers.
The platform allows customers to browse and purchase cars online from the comfort of their homes and sell their cars using their online valuation by visiting any of the customer centers. In addition, consumers benefit from fully inspected and reconditioned cars, delivered to their homes 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. As per the company’s claims, in the first half of 2022, VavaCars sold more than 20,000 cars and generated over $500M in revenue.
Burak Dağlıoğlu, President of the Investment Office of Türkiye, says, “Turkish technology ecosystem continues to attract more investments from international investors due to its resilient, and fast-growing economy, entrepreneurship business culture, capable headcount, market size, and its charming position lying at the intersection of Europe, Asia, and Africa.”
He continues, “In the first half of 2022, early-stage startups received investments worth $1.4B and carried our country to the 8th ranking in the European investment league. In addition, VavaCars, having an easing and practical role in used car online trading processes, has completed its last investment round and brought foreign funds equal to $100M to our country since its establishment. We congratulate VavaCars’ team on its success.”
He concludes, “As part of our mission, the Investment Office of the Presidency of Türkiye promotes the success stories of our entrepreneurship ecosystem on every possible platform and invites global investors to participate in investment rounds. The tangible outcome of these invitations/efforts is our greatest happiness.”
