CarPrice raises USD $40 million from Baring Vostok
CarPrice, online trade-in for used cars, has raised USD $40 million from investors group headed by Baring Vostok fund. It is the fourth successful exit for Fastlane Ventures company, one of CarPrice investors.
Baring Vostok Equity Fund V, one of Baring Vostok Group funds, is the largest investor of the new investment round for CarPrice. Cumulative investment in online trade-in for used cars is USD $40 million.
Apart from Baring Vostok, other participants of the investment round are Almaz Capital fund, previously invested in CarPrice, and private investors including Alexander Chernyak. Fastlane Ventures, having early stage investment in CarPrice, has exited the shareholders agreement.
CarPrice is looking to invest raised funds in regional expansion and business development.
CarPrice company was founded in 2014 by Oskar Hartmann, Founder of KupiVIP, together with Fastlane Ventures. CarPrice.ru website provides free service for preliminary assessment of cars by model, model year, capacity and etc. Provided the owner’s consent with the assessment, the car’s health check is granted in one of CarPrice center (also for free). After that the final car price is offered to the owner and provided owner’s consent the deal is made in 30 minutes. Similar services are working in the USA and Europe.