Japanese tech behemoth SoftBank has invested €460 million (£409 million) into used car marketplace Auto1, valuing the startup at €2.9 billion (£2.6 billion).
Founded in Berlin in 2012, Auto1 has sold hundreds of thousands of cars on its platform. Revenues in 2016 came in at €1.5 billion (£1.3 billion).
Backed by the likes of Goldman Sachs and JP Morgan, Auto1 connects car buyers with car sellers in around 30 countries.
The SoftBank investment, which was announced by Auto1 in a press release on Monday, comes via the SoftBank Vision Fund. The Vision Fund is the largest tech investment fund in the world, coming in at $US93 billion (£68 billion). It counts Apple and the Saudi Arabia Sovereign Wealth Fund among its backers.
Akshay Naheta, partner at SoftBank Investment Advisors, will join Auto1’s board following the investment.
“Auto1 Group has built a fast growing, data-enabled platform introducing efficiency and transparency to the fragmented used car market, which is worth more than $US300 billion annually,” said Naheta in a statement. “The SoftBank Vision Fund’s capital and our operational expertise with marketplace businesses will support continued global growth.”
NOW WATCH: Tech Insider videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.