Gettacar gets funding to continue boosting car ownership experience
Online car-buying start-up Gettacar announced $25 million round of funding, saying that it will use the capital to continue investing in the customer experience, expanding into new markets and developing products.
3L and Luxor Capital led the round of funding, with additional participation from Torch Capital.
The latest round brought the total funding for Gettacar to $48 million.
Gettacar founder and chief executive officer Yossi Levi said the company’s consumer offerings include 48-hour deliveries, at-home test driving, and a 365-day bumper-to-bumper protection and maintenance package included with every car.
Currently available in seven U.S. markets, including New York and Washington, D.C., Gettacar operates offices in the Greater Philadelphia area and Tel Aviv, Israel.
The company last year saw a 186% year-over-year increase in sales growth, with a 210% year-over-year sales growth projected for this year. Gettacar plans to launch in additional U.S. markets this year.
The company launched in 2018, with a focus on building proprietary technologies and consumer-first guarantees. Car buyers can buy online in as little as 12 minutes with real-time online financing options. Buyers get 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.
“Consumers now expect a fully digital and seamless car buying experience,” 3L co-founder Shawn Colo said in a news release. “Gettacar delivers tremendous value for its customers by controlling every aspect of retailing in house, and we are thrilled to continue partnering with Yossi and team.”
Levi of Gettacar said buying a car is a huge decision for nearly every person going through the process.
But that’s just the first step, Levi said.
“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.”
Levi also said, “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.”
Gettacar said that with its vertically integrated business model, it can quality-control its inventory by keeping inventory acquisition, logistics, reconditioning and merchandising in-house.
"Yossi and the Gettacar team have done an incredible job combining their deep understanding of the traditional used car space, their obsession with user satisfaction and impressive tech acumen to create a seamless, world-class consumer experience and change the way people buy cars for many years ahead," Torch Capital founder and managing partner Jon Keidan said.