CarNext carved out of LeasePlan, raises $476 mn from ADIA, others

 CarNext carved out of LeasePlan, raises $476 mn from ADIA, others

CarNext, one of Europe’s biggest online used-car marketplaces, is being carved out from Dutch company LeasePlan and is raising $476 million (€400 million) from investor to grow its business.

The company is raising funding from a consortium of investors including private equity firm TDR Capital and a subsidiary of Abu Dhabi Investment Authority, the Gulf emirate’s sovereign wealth fund.

Its other prominent backers include Singapore sovereign wealth fund GIC, Dutch pension fund PGGM, Danish pension fund ATP and Goldman Sachs Asset Management.

CarNext said that it has also sealed a long-term pact with LeasePlan, which manages a fleet of 1.8 million cars in 30 countries, to guarantee the supply of 300,000 cars a year.

Founded in 2018, CarNext operates across 22 countries. In 2020, the company sold 60,000 cars—40,000 via its B2C channel and the remaining via the B2B route.

“With the support of our investors, CarNext is now in an even stronger position to accelerate its growth strategy across Europe, boost retail sales and achieve network effects,” said Maarten van Neerven, managing director and CFO of CarNext.

“The timing could not be better. Post-COVID, more people than ever want to buy their next used car online, and we have the cars and technology to deliver.”

Other online marketplaces that rival CarNext in Europe include Autoscout24 and Mobile.de.

Aman Malik

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