Used car marketplace in driving seat with £11m Series A funding

An online used car marketplace has secured £11m in Series A funding to boost its national expansion.

In a funding round led by investment specialist Marchmont Ventures with participation from venture capital firm LocalGlobe, London-based startup Motorway has secured funding to facilitate further development of its team and online platform.

Co-founded by entrepreneurs Tom Leathes, Alex Buttle and Harry Jones, Motorway specialises in providing access to real-time offers from multiple car buying services and specialist dealerships through its comparison marketplace.

This latest investment follows a seed funding round last year with participation from Marchmont Ventures and LocalGlobe, in which Motorway raised £2.75m.

With over 100,000 monthly customer sales enquiries, the company has achieved over £130m worth of completed car sales through its buyers in an 18 month period.

Tom Leathes, CEO & co-founder of Motorway said: “We started Motorway with the vision to bring speed, choice and transparency to the process of selling a car - an experience that’s gone mostly unchanged for decades.

“With this new funding, we will now be doubling down on building the best possible car sales platform for consumers, and enabling car buyers to improve their stock acquisition processes at scale.”

The investment, which sees Marchmont Ventures director Hugo Burge take the role of non-executive chairman for Motorway, will be used to develop its 40-strong team and software platform, as well as expand its nationwide network of car buyers and boost its marketing efforts.

Tom continued: “We’re thrilled to have the continued support of Marchmont Ventures and LocalGlobe in this round, and it’s amazing to have Hugo’s deeper involvement in the role of Chairman going forward.”

Director of Marchmont Ventures, Hugo Burge added: “It’s an honour to be part of this exciting journey. I’m delighted to be taking on the role of Chairman to work more closely with the team at Motorway.

“Motorway is setting new levels of customer experience and transparency in the UK used car market and I am confident that the team can capitalise on this opportunity.”

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