BUFFALO, NY (WKBW) — Buffalo-based ACV Auctions Inc. has announced it secured $150 million in its latest funding round, which is by all accounts a really, really big deal.
Well, according to Reuters, that $150 million will push the online automotive marketplace into an elite club of startups that have a valuation of more than $1 billion. In the startup world, they're known as "unicorns."
On Tuesday night, ACV Auctions announced it closed the $150 million Series E round, an investment led by Wellington Management Company and Fidelity Management & Research Co. and included existing investors such as Bain Capital Ventures, Bessemer Venture Partners and Tribeca Venture Partners.
"This round of funding enables us to continue significant investments in our mission to be the most trusted and transparent way for dealers to buy and sell used vehicles," said ACV Auctions CEO George Chamoun in a news release.
The statement says ACV Auctions will use the new injection of funding to invest further intechnology and data-driven solutions that will help dealerships source and sell used vehicles. It will also be used to expand the company's footprint across North America.
ACV Auctions currently has more than 1,000 employees nationally. The company's headquarters are on the Buffalo Niagara Medical Campus.