Accel Partners and Highland Capital Partners has backed UK online used car retailer Autoquake.com to the tune of £4m.
The money will be used to grow the company’s UK operations, which has doubled its sales in the last six months in stark contrast to the rest of the car industry. The business is also looking to expand overseas.
Autoquake.com expects to sell more than 15,000 cars this year after opening its second distribution centre in Leeds to add to the existing one in Birmingham. It sales have grown by seven times between 2007 and 2008.
Kevin Comolli, a partner at Accel Partners who has joined the Autoquake board, said: “Autoquake.com’s growth and achievements in the last year have been truly remarkable, especially considering the challenging economic climate. We are very proud of the company’s success, which is a testament to the exceptional team, disruptive business model, innovative ecommerce platform and flawless execution. Consumers and fleet owners, especially during the economic downturn, will continue to benefit from Autoquake.com’s value proposition.”