Italian startup GoodBuyAuto.it raised €1 million for its online marketplace to buy and sell used cars. Among the investors who participated in this second round of funding are Fabio Cannavale, CEO of Lastminute.com; Lorenzo Sistino, former CEO of Fiat; and Giuseppe Guillot, COO of the Yoox Group.
The company's founders say that, in addition to fresh capital, the new investors bring expertise and know-how to the project. "Having managers and experienced entrepreneurs on board is a source of great motivation and satisfaction," co-founder Charles Salizzoni told Italian financial publication EconomyUp.it.
Established in January 2015 in Milan, GoodBuyAuto.it offers consumers a more efficient way to buy cars.
"Buying and booking online is now common practice in many industries including travel, where the user can search and book their trip according to their needs in a simple and fast way, and the same principle can be applied to the car industry," said investor Fabio Cannavale, the founder and CEO of Lastminute.com, said to EconomyUp.it.
Another investor, Giuseppe Guillot said, "Yoox Group has managed to become a market leader thanks to its quality guarantee, at a time when it seemed impossible that a sector like clothing, and even more so luxury clothing, could be sold online. In the same way, today GoodBuyAuto.it is becoming big in the online world of buying used cars due to all its guarantees and its special focus on the customer."
Salizzoni, 40, a native of Bologna, worked extensively abroad working as a manager for multinationals, especially in consulting for the restructuring of companies in crisis, but his dream was to start his own business. After studying in the US, he worked in Germany and England, but he decided to return to Italy to build his business there.
Read more: EconomyUp (in Italian)