SoftBank vision fund invests €460 million ($563.18 million) in Germany based AUTO1 Group. Half of the investment will be made through the issue of new shares which will value AUTO1 at €2.9 billion ($3.55 billion) and will support the group’s international expansion. AUTO1 Group’s technology platform enables dealers and private individuals to trade seamlessly through Europe via an analytics and logistics platform which efficiently matches supply and demand for used cars. Expanding to over 30 countries since launching in 2012, AUTO1 Group trades with over 35000 professional partners and sells over 40,000 cars per month. With the new investment, Akshay Naheta will join AUTO1 Group board.
According to AUTO1 Group Co-CEO Hakan Koç:
“We are delighted to welcome SoftBank Vision Fund, one of the largest tech funds in the world, as an investor in AUTO1 Group. We believe that the Fund’s deep investment and technology expertise will help us to accelerate our growth as we continue to focus on making the used vehicle market more efficient and transparent.”
Akshay Naheta, Partner at SoftBank Investment Advisors, who will be joining AUTO1 Group board, also said the following regarding the new investment:
“AUTO1 Group has built a fast growing, data-enabled platform introducing efficiency and transparency to the fragmented used car market, which is worth more than $300 billion annually. The SoftBank Vision Fund’s capital and our operational expertise with marketplace businesses will support continued global growth.”
About AUTO1 Group
Based in Germany and founded in 2012, AUTO1 Group is an independent multi- brand platform and aims to trade used cars with over 35000 professional partners that assist the consumers to trade seamlessly throughout Europe. Operating in 30 countries, AUTO1 Group owns business like AUTO1.com, Autohero.com or wirkaufendeinauto.de. In 2016 AUTO1 sold more than 300000 vehicles and achieved revenues of EUR 1.5 billion ($1.83 billion)
About SoftBank Group
SoftBank Group Corp. is a Japanese multinational telecommunications and Internet corporation established on September 3, 1981, and headquartered in Tokyo, Japan.
It has interests in broadband, fixed-line telecommunications, e-commerce, Internet, technology services, finance, media and marketing, semiconductor design, and other businesses.
SoftBank operates SoftBank Mobile in Japan, owns Sprint Corp. in the U.S., holds stakes in Chinese e-commerce Alibaba Group Holding Ltd. and Japanese internet portal Yahoo Japan Corp and owns ARM Holdings PLC.