Carspring, a London and Berlin startup that lets you buy a used car online, raises £5M Series B

Aug 1, 2017 · techcrunch.com

Carspring platform mobile

Carspring, the London and Berlin used car buying platform founded by Rocket Internet, has picked up £5 million in Series B funding. Backing the round are Rocket Internet itself, along with Channel 4’s Commercial Growth Fund, which offers media in the form of TV advertising in return for equity. In other words, a portion of this round (£1.3m) isn’t cash per se. A number of other unnamed investors also participated.

Launched in 2015, Carspring is described as an online used car dealership and moves the buying process for a used car entirely online. On the supply side it sources used cars from a network of used car dealers, while the demand side sees it put in place numerous features to make buying online both trustworthy and extra convenient.

This includes mechanical checks to ensure vehicles makes the Carspring grade, a 6 month warranty on cars bought, home delivery, and a 14 day money-back guarantee — although I’m pretty sure the latter falls within distance selling regulation anyway. Either way, a big part of the startup’s pitch to consumers is that its processes can be trusted, with no or little downside buying a car online rather than in person. In addition, the company provides financing to let you buy your car through instalments.

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