What is ACV Auctions?
Founded in 2014 and headquartered in Buffalo, New York, ACV Auctions operates a digital marketplace designed to streamline the purchase of wholesale vehicles. The platform offers advanced features such as detailed vehicle condition reports and real-time auction alerts, transforming the traditional auction experience. ACV Auctions' technology encompasses account management, title processing, floor plan financing, arbitration, and logistics facilitation, aiming to modernize the entire lifecycle of wholesale vehicle transactions. The company's focus on technological innovation positions it as a key disruptor in the automotive industry.
How much funding has ACV Auctions raised?
ACV Auctions has raised a total of $694.6M across 7 funding rounds:
Other Financing Round
$600K
Other Financing Round
$1M
Series B
$5M
Series C
$31M
Series D
$93M
Series E
$150M
Stock Offering
$414M
Other Financing Round (2015): $600K with participation from Z80 Labs Technology Incubator
Other Financing Round (2015): $1M led by Z80 Labs Technology Incubator
Series B (2016): $5M supported by Tribeca Venture Partners, Rand Capital, SoftBank, Armory Square Ventures, and Z80 Labs Technology Incubator
Series C (2018): $31M featuring Bessemer Venture Partners, Tribeca Venture Partners, SoftBank, and Armory Square Ventures
Series D (2018): $93M backed by Tribeca Venture Partners, Armory Square Ventures, Bessemer Venture Partners, and SoftBank Capital NY
Series E (2019): $150M with participation from Bessemer Venture Partners, Tribeca Venture Partners, Bain Capital Ventures, Wellington Management Company, and Fidelity Management & Research Co.
Stock Issuance/Offering (2021): $414M, investors not publicly disclosed
Key Investors in ACV Auctions
Tribeca Venture Partners
Tribeca Venture Partners is a multi-stage venture capital firm based in New York that partners with entrepreneurs to leverage emerging technologies and innovative business models. The firm is dedicated to supporting gritty and determined founders in building category-defining companies.
Armory Square Ventures
Armory Square Ventures is a venture capital firm that invests in ambitious and promising startups across New York State and secondary markets in the Midwest. They focus on supporting exceptional entrepreneurs who are addressing core business challenges by building technology-enabled startups.
Bessemer Venture Partners
Bessemer Venture Partners (Bessemer) is a venture capital firm. The firm has offices in San Francisco, Redwood City, New York City, Boston, Israel, and India. It was established in 1911 as Bessemer Securities.
What's next for ACV Auctions?
The substantial enterprise-level funding and recent strategic investment indicate that ACV Auctions is in a robust scaling phase. This capital infusion is likely to fuel further technological development, expansion into new markets, and enhancements to its logistics and arbitration services. The company's trajectory suggests a continued focus on solidifying its position as a leader in the digital wholesale automotive sector, potentially exploring further strategic partnerships or acquisitions to accelerate its growth and market penetration.
See full ACV Auctions company page
