VavaCars raises $37M in Series C to fuel its success in Turkey

ISTANBUL, September 20, 2022 /PRNewswire/ — VavaCars, a Turkey-based e-commerce platform for buying and selling used cars, closed its Series C funding round at a premium to its Series B funding in November 2021 breeding $37 million. A combination of existing and new investors participated, alongside founding investor Vitol. The funding will be used to consolidate VavaCars’ position as the leading used car dealer in Turkey.

Since the launch in April 2019 in Turkey, where it operates in close partnership with the leader in fuel distribution, Petrol Ofisi, VavaCars is Turkey’s leading used car dealer. In the first half of 2022, VavaCars sold over 20,000 cars and generated over $500 million In income.

VavaCars is the pioneer of fully online used car sales in Turkey. It sells both to dealers through its proprietary auction platform and directly to consumers. Consumers benefit from fully inspected and reconditioned cars that are delivered to the consumer’s doorstep free of charge. Additionally, there is a 14-day money-back guarantee and a 3-month warranty to ensure consumers are satisfied with their purchase.

Lawrence MerrittCEO & Co-founder: “We have reinvented the way consumers can buy or sell a car in Türkiye, giving our customers complete peace of mind. We want everyone to be able to buy or sell their car easily, quickly and without worry. VavaCars is proud to be a company that was born in Türkiye and succeeded in $100 million foreign direct investment in the country. This funding round will allow us to support our growth and continue to innovate on behalf of our customers. This will be our last round of financing before reaching profitability.”

Burak Dağlıoğlu, Chairman of Türkiye Investment Office

“Turkish tech ecosystem continues to attract more investment from international investors due to its resilient and fast-growing economy, entrepreneurial corporate culture, skilled workforce, market size and its charming position at the intersection of Europe, Asia and Africa. In the first half of 2022, early-stage startups received investments worth $1.4 billion and brought our country to 8e ranking in the european investment league. VavaCars, having a role of easing and convenient of used car online trading processes, has successfully completed its latest round of investment and brought in foreign funds equal to $100 million to our country since its inception. We congratulate the VavaCars team for their success. As part of our mission, we, the Turkish Presidency Investment Office, promote such success stories of our entrepreneurship ecosystem on all possible platforms and invite global investors to participate in investment rounds. The tangible result of these invitations/efforts is our greatest happiness.”

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SOURCE VavaCars