Carvana, the Phoenix-based online used car dealer made famous by running a car vending machine, has raised $160 million in venture funding, putting its total funding at $460 million.
The round of Series C funding is being used to support the company’s growth, including expanding physical operations and car vending machines to new markets around the country. Proceeds from the latest round will also go to hiring new talent, investing in cutting-edge technology and increasing Carvana’s inventory to greater than 10,000 company-owned cars and trucks by the end of the year.
“We are incredibly excited to share that Carvana has officially closed its largest round of funding to date. That funding was secured through both existing and new investors and is a testament to our team and the hard work everyone has put in to build Carvana into the brand it is today,” said Ernie Garcia, founder and CEO of Carvana, in a press release. “We’re founded in the belief that consumers deserve a better, more efficient and transparent way to buy a car. People continue to enthusiastically respond to that idea, and our investors are wholeheartedly behind us in this mission. With this funding, we’ll be able to continue meeting customer demand for the unique Carvana experience and pursue our mission to revolutionize how people buy cars.”
During the past year, the used car startup launched what it said is the world’s first-ever, coin-operated and fully automated car vending machine. The company has brought the entire used car buying process online. A buyer picks the exact car he or she wants from the website, and all of the financing and paperwork is also done online. The car is then either delivered to the buyer or they have a choice to pick up the vehicle at one of its car vending machines.
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