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Barcelona and Athens, 26 April 2022 - Adevinta Ventures, the investment arm of Adevinta, today announced its investment in Spotawheel, a leading exchange to exchange (E2E) automotive digital platform. The new funding round closes at €110M in equity and asset-backed debt, led by VentureFriends joined by Adevinta Ventures, Uniqa Ventures, Rockaway Ventures, Velocity Partners, FJ Labs, Collective Spark and other notable investors, coupled by a floor plan facility mix from leading European credit and banking institutions. The additional funding will primarily fuel Spotawheel’s team growth adding +700 people in the next 12 months (currently scaling up Germany local operations while establishing teams throughout Western Europe), introducing in parallel new online consumer offerings in the course of the coming quarters.
Founded in 2016 by Charis Arvantis, Christos Zis and Kiriakos Agadakos, Spotawheel uses innovation to improve the process of selling and buying used cars. Since creation, the company has expanded rapidly, evolving into one of the fastest-growing companies in Europe and establishing itself in the market through its proprietary sourcing engine, blending advanced technologies like Big Data with human innovation. This provides a competitive advantage, enabling the business to efficiently predict demand and supply, as well as market trends valuation with remarkable precision and scale. Spotawheel’s new digital business model, with more than 60% of its customers using the online touchless shopping feature, provides a strong differentiation point for the business, further supported through provision of additional features such as Written Technical Inspection of 200+ points, a 5 Year Warranty, 14 Day Money Return Policy and country-wide vehicle delivery.
Building on its strong market position, this funding round will support Spotawheel’s continued expansion plans, with the business expecting to soon add Romania to its Central & Eastern Europe retail market portfolio of 100B used cars market, after its successful growth in Poland and Greece. The business is also expected to exceed its projected 200M revenue run rate milestone within 2022. In addition, Spotawheel is looking to increase its vehicle offering across its platforms, while also expanding in-house preparation capacity to 50.000 cars per annum to help drive further growth.
Jordi Iserte, Investment Director at Adevinta Ventures, said: "Fully transactional and frictionless experiences are the new norm and the motors industry has also started to move into that direction. With its focus on transparency and strong data capabilities, we see Spotawheel as the player to unlock the European cross-country arbitrage (Western-Eastern) and we are thrilled to support Charis and his talented team along this journey.”
Charis Arvanitis, Spotawheel founder and CEO, commented: “It’s amazing to be accelerating our journey of digitally transforming the CEE used car landscape, backed by our customers, our people and our funding partners. We want our customers to enjoy the largest assortment of great quality cars while offering them the best options to own or just drive any of them. Fintech products in our pipeline such as our fresh used car subscription offering follows that exact logic, allowing more flexibility for any person to drive truly great and safe cars”.
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About Adevinta Ventures
Adevinta Ventures is the early stage investment arm of Adevinta, a global online classifieds specialist, operating leading digital marketplaces in 15 countries. Adevinta Ventures invests in fast-growing European startups that can shape the future of marketplaces. Leveraging the top positions of Adevinta's brands (e.g. leboncoin, Mobile.de, Fotocasa, Coches.net, Subito, Marktplaats) Adevinta Ventures adds strong value and is a long-term partner to portfolio companies. Current portfolio and key investment areas include proptech (Kodit, Flatfair), future of work (Medwing), mobility (Spotawheel, 2trde, PaulCamper, Bipi-exited) and fintech (Lovys). Find out more at adevinta.com/ventures
Starting as a group of car mechanics under the name Spotmechanic that dreamt of a sincere market of used cars, Spotawheel is continuing this effort, re-defining the term ‘trust’ in the car industry. The company is among the fastest-growing platforms of buying and selling used cars in Europe based on the transparency it offers: Written Technical Inspection of 200+ points, Free Test Drive, up to 5 Years Warranty, Delivery throughout Greece and Poland, 7 and 14 Days Money Return Policy while it is the only company in the industry that offers touchless purchases. Spotawheel is supported and funded by prominent Greek and foreign investors, while it has entered into valuable partnerships with the largest companies in the field. The Spotawheel team currently counts more than 350 employees and operates in Greece, Poland, Germany and soon in Romania, with the sole purpose of providing the ultimate experience to its customers, owners and buyers. Discover more at www.spotawheel.gr