German digital used car marketplace abracar has raised €11.5 million in Series A financing from Allianz X, the digital investment arm of the insurance company Allianz.
Founded in 2016, abracar manages all aspects of selling used cars including writing listings, taking photos, pricing and negotiation, and finalizing the transaction with a used car warranty and a secure payment method.
"We want the customer to have as little effort and risk as possible," said founder and managing director Orhan Köroglu, as reported by Startup Valley.
The used car market in Germany is worth €85 billion, and growing. Abracar currently carries out more than 1,000 used vehicle assessments every day, and receives vehicle orders worth more than €10 million every month. The company takes 4% of the selling price of each vehicle, up to a maximum of €999.
The startup says it will use the new investment to expand its operations into Austria and France.
"Abracar is an excellent example of how we at Allianz X are promoting young digital companies that overlap with our traditional core business," said Dr. Nazim Cetin, CEO of Allianz X. "We are very excited about the development of abracar and would now like to take the next step together."