Used car buying site Carspring goes quiet after Rocket Internet pulls investment

Oct 11, 2017 ·

Carspring platform mobile

Carspring, the London and Berlin-based startup that makes it easy to buy a used car, has gone quiet, amid reports that its recent £5 million in Series B funding fell through. According to sources, Rocket Internet has pulled its investment in the company, which it co-founded with ex-McKinsey management consultants Peter Baumgart and Maximilian Vollenbroich.

The Carspring site in the U.K. is no longer listing any cars for sale and its website chat remains set to offline. I’ve also tried calling the Carspring telephone number but a recorded message seems to perpetually say all operators are busy.

Neither Baumgart or Vollenbroich could be reached for comment. Meanwhile, a Rocket Internet spokesperson said that "Rocket Internet decided not to invest in Carspring anymore," and that I should refer any further questions to Carspring directly.

It is not clear why the Series B funding was announced in August despite never being closed. I also understand the deal’s eventual collapse caught Channel 4’s Growth Fund, who were also due to take a minor stake in the company in a media for equity deal, off guard too.

Read Complete Article

RT @techconnectco: Check out the upcoming tech and startup events in London @techdotlondon

Tune in to @BBCTheOneShow from 7pm tonight to see me talking about today’s historic unveiling of Millicent Fawcett’…

We're looking forward to hosting @F1_H2O World Championship powerboat racing at #LTW this year! Learn more about th…

Find out everything you need to know about what needs to be included in a terms sheet in our Investment Agreement G…

Apple iPhone X early adopters: We love everything about the phone, except Siri

Tech.London Weekly