Berlin-based automotive tech startup CarOnSale has raised €70 million in a Series C funding round, solidifying its position as a market leader in professional used car trading.
Why it matters: CarOnSale addresses Europe’s €450 billion professional used car trade, which is largely fragmented and offline. The company’s end-to-end digital platform brings structure, efficiency, and automation to an industry long reliant on manual processes and opaque transactions.
The details:
- The Series C funding will drive CarOnSale’s next growth phase, with plans to expand into new European markets while deepening its presence in existing ones like Germany, Spain, and France.
- The company will use the capital to hire in engineering, sales, customer support, and operations, as well as enhance product features and strengthen digital infrastructure.
- CarOnSale’s platform offers a fully integrated ecosystem for B2B vehicle traders, featuring remote vehicle inspections, logistics coordination, and payment processing, to facilitate secure and seamless cross-border transactions.
- The platform is used by thousands of professional car dealers and major OEMs across Europe.
CarOnSale was founded in 2018 by Tom Krüger and Matthias Roth, who identified inefficiencies in the B2B car market during their time in the automotive sector. They teamed up with software engineer Özgüler and finance expert Schilling to create the company, driven by a mission to introduce trust, transparency, and efficiency to the B2B vehicle market.
What they’re saying:
- “This Series C is a major milestone for CarOnSale and a strong signal of trust in our business model and team,” said Tom Krüger, CEO and Co-Founder of CarOnSale. “With this strong backing, we now have the perfect foundation to accelerate our growth across Europe even faster.”
- “CarOnSale is building a category-defining pan-European platform in one of the deepest markets on the continent. Their end-to-end software is transformative for both small businesses and the world’s largest OEMs. It’s our privilege to partner with Tom and the team,” said an investor.
What’s next: With fresh capital, an experienced founding team, and a compelling market opportunity, CarOnSale is well-positioned to become the go-to digital platform for Europe’s professional used car trade. The company aims to scale its operations across Europe and reach one million used car transactions annually.