Constellation Automotive Group, the parent company behind BCA, WeBuyAnyCar and cinch, has raised over $1.4bn in capital to drive cinch’s expansion across the UK and Europe.
The funds have been raised from a group of global investors including a subsidiary of ADIA, GIC, Neuberger Berman and Soros Fund Management
Cinch, founded in October 2020, has reached annual sales of over 45,000 vehicles less than eight months after launch, growing at 45% month-on-month on average
cinch is gearing up to grab a stake of the £350bn used car market in Europe. It argues that only 1% of it is online so there is potential for “huge digital disruption” similar to other retail sectors such as travel or electronics
The group is fueling growth with major sports sponsorship deals, including the England Cricket team, Tottenham Hotspur, the Northampton Saints and the upcoming tennis cinch Championship at Queen’s Club.
Avril Palmer-Baunack, Constellation’s executive chairman said: “This funding round demonstrates the scale of the opportunity ahead of us and allows us to turbocharge our business model and geographical reach in one of the most exciting and fastest growing retail markets in the world.”
Source: Motor Trader
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