A Turkey-based online trading platform for buying and selling used cars, VavaCars raises $50 million in Series B funding to expand its operations in Pakistan and Turkey.
According to the company, Duquesne Family Office LLC (founded by Stanley F Druckenmiller), Vitol and 1 another company took part in this round.
The funding round will help in disrupting, inventing and simplifying used-car trade for customers. In 2.5 years since launch, we’ve become the number one trader of consumer sourced cars in Turkey accounting for 90 per cent of all fully online sales. This demonstrates the power of our model and the huge market opportunity,Lawrence Merritt, CEO and co-founder of VavaCars
VavaCars has traded more than 10,000 cars and has 300 employees.