Tags: EU | Germany | Auto1 | Softbank

German Startup AUTO1 Gets $558 Million Softbank Investment

Monday, 15 January 2018 10:39 AM

BERLIN (AP) — Japan's Softbank is investing 460 million euros ($558 million) in German used car trading platform AUTO1.

The Berlin-based company was launched in 2012 and operates in over 30 countries, selling more than 40,000 cars a month on its associated sites.

AUTO1 said in a statement Monday that the investment from Softbank Vision Fund values its business at 2.9 billion euros. The company had revenue of 1.5 billion euros last year.

Akshay Naheta, a partner at SoftBank Investment Advisors, was quoted as saying that AUTO1's platform adds "efficiency and transparency to the fragmented used car market, which is worth more than $300 billion annually."

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Japan's Softbank is investing 460 million euros ($558 million) in German used car trading platform AUTO1.The Berlin-based company was launched in 2012 and operates in over 30 countries, selling more than 40,000 cars a month on its associated sites.AUTO1 said in a statement...
EU,Germany,Auto1,Softbank
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2018-39-15
Monday, 15 January 2018 10:39 AM
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