Israeli online car buying company Gettacar today announced the closing of a $25 million financing round, bringing the amount raised by the company to $48 million. The round was led by 3L and Luxor Capital, with additional participation from Torch Capital.
Gettacar will use the new funding to continue product development, expanding into new markets and improving the customer experience.
The company, which was founded by CEO Yossi Levi, is headquartered in Philadelphia, and has its Israel development center in Rehovot.
Levi said, "Buying a car is a huge decision for nearly every person going through the process, and that’s just the first step. Then there’s the stress of car upkeep and maintenance, which is why we built Gettacar around a simple philosophy: create the best car buying and ownership experience. With consumer offerings car buyers can’t get anywhere else, including 48 hour deliveries, at home test driving, and an unparalleled 365-day bumper-to-bumper protection and maintenance package included with every car, Gettacar is a unique online car buying platform that is entirely focused on the customer experience from day one and represents the future of car buying."
Launched in 2018, Gettacar has focused on building proprietary technologies and consumer-first guarantees. Car buyers can buy online in as little as 12 minutes, get real-time online financing options, and have seven days to decide whether they’d like to keep the car. Every Gettacar vehicle comes with the Gettacar Guarantee, the 365-day bumper-to-bumper protection and maintenance package. Gettacar’s vertically integrated business model allows the company to quality control inventory by keeping inventory acquisition, logistics, reconditioning, and merchandising in-house. In 2020, the company saw a 186% year-over-year increase in sales growth and in 2021, the projected sales growth is 210% year-over-year. Gettacar plans to launch in additional US markets in 2021.
Published by Globes, Israel business news - en.globes.co.il - on February 24, 2021
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