(Photo via instagram.com/gettacar)
Northeast Philadelphia-founded online car sales company Gettacar has raised $25 million to expand operations and move into new markets.
The #5 RealLIST Startup of Technical.ly’s 2020 list said in its Wednesday announcement that the new raise meant it had raised a total of $48 million in its lifetime. The company previously said it raised an undisclosed seed round in 2018 which included San Francisco-based e.ventures.
This most recent round was led by 3L and Luxor Capital, with participation from Torch Capital, and will be used to “continue investing in the customer experience, expand into additional markets, and product development,” the company said in a statement.
Founder Yossi Levi launched the showroom-less auto seller in 2018 as an online platform where customers could shop for a used, reasonably priced car and get it delivered the next day (Jake Levin was brought on as a cofounder at a later time, but has since left the company). By mid-2020, the founders said they’d seen increased demand from customers even before the pandemic hit, and used car sales boomed across the U.S.
“Now that demand is growing even more as car buyers look to practice social distancing and take advantage of our contactless delivery,” the cofounders said at the time. “People feel even more uncomfortable going to a traditional dealership during the pandemic, so our experience makes a lot more sense because of how easy, fast, and safe it is.”
The company offers online car shopping services, and in as little as 12 minutes, customers can get real-time financing options. They’ll then have seven days to decide whether they’d like to keep the car. The business model also allows Gettacar to quality control inventory, logistics, reconditioning and merchandising in-house. Between the Philly region and Tel Aviv, Israel, Gettacar currently has 150 employees.
Gettacar is available in seven markets in the U.S. including nearby New York, Baltimore, D.C. and Delaware. The company didn’t say which regions it plans on expanding to in 2021.
“Yossi and the Gettacar team have done an incredible job combining their deep understanding of the traditional used car space, their obsession with user satisfaction and impressive tech acumen to create a seamless, world-class consumer experience and change the way people buy cars for many years ahead,” said Jon Keidan, founder and managing partner of Torch Capital, in a statement.
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