A vehicle shipping marketplace received a $12 million investment this week.

Carpool Logistics announced it has raised $12 million in Series A growth capital in a round led by Wavecrest Growth Partners, with participation from CarMax, Impel founders Devin Daly and Michael Quigley, and auto industry veteran David Metter.

Carpool said the new funding will be strategically deployed to accelerate its growth by enhancing its technology platform, expanding product development, optimizing logistics capabilities and scaling sales and marketing efforts to drive customer acquisition and market expansion.

“We do more than just ship cars,” founder and CEO Mike Malakhov said. “Everything we do is focused on improving the customer experience and making shipping a competitive advantage for our clients. Our platform bundles multiple vehicles into one shipment to reduce turnaround times and costs, while our white-glove approach — with real-time tracking and robust security measures — mitigates risks like damage claims and fraud.

“The funding from Wavecrest and CarMax allows us to scale more effectively, strengthen our team and enhance our technology. By serving as a trusted partner to our customers and seamlessly integrating the Carpool platform with their workflows, we help our clients stay ahead in an increasingly competitive market.”

Since its founding in 2021, Carpool Logistics has grown into a customer base of more than 1,800 clients, including auto auctions, dealerships, manufacturers and fleets, and has shipped more than 150,000 vehicles.

The company raised a $3.5 million seed round from Atlanta Ventures and Overline Ventures in 2022.

“The vehicle logistics industry is rapidly evolving, and Carpool is at the forefront of that transformation,” Wavecrest managing partner Deepak Sindwani said. “Our firm and extended team have a long history investing in the automotive industry, and Carpool’s purpose-built technology platform and marketplace, and uniquely experienced leadership team are clearly differentiated.

“We believe Carpool is well positioned to become the category leader, and we are excited to partner with them to accelerate their next phase of growth.”

Malakhov said the new investors bring a lot to the table for his company.

“Wavecrest’s experience in scaling technology-driven businesses will help us optimize operations and expand our market reach,” he said, “while CarMax’s deep industry expertise and expansive network provide invaluable insights into large-scale vehicle distribution. With their support, we’re well positioned to digitize vehicle logistics and drive greater efficiency for our customers.”