May 4 (SeeNews) - Greek used-car technology platform Spotawheel said that it has secured fresh funding of 100 million euro ($105.3 million), which will support its goal to expand its presence to 15 European countries from four by 2026.
The Series B funding round was led by Greek growth investor VentureFriends. Other investors also participated, namely Adevinta Ventures, UNIQA Ventures, Rockaway Capital, Endeavor Catalyst, Velocity.Partners Venture Capital, FJ Labs and Collective Spark, Spotawheel founder Charis Arvanitis said in a social media post.
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The fresh funds will allow Spotawheel to pursue its strategy of tripling its current, 200-plus team and releasing new consumer and financing technology products on a monthly basis.
Athens-based Spotawheel grew out of an earlier used-car inspection service, Spotmechanic, in 2015. It sells some 40 brands of cars, which have been checked by the company's own mechanics and benefit from a five-year warranty.
"Spotawheel is all about technology, trust and transparency on used cars. Our sole purpose is to help people avoid getting tricked into shady, unethical practices," Arvanitis said.
The Greek company already has a presence in Poland and Germany, and entered the Romanian market at the start of 2022, according to local media reports.
$ = 0.94994 euro