Motorway secures a unicorn status

London-based online used car auction platform Motorway has raised $190 million of Series C venture funding in a deal led by Index Ventures and ICONIQ Capital, securing the company a unicorn status at a $1 billion valuation. The latest deal comes less than six months after the start-up closed a $68 million Series B round led by Index Ventures.

Founded in 2017, Motorway reportedly experienced a 300% increase in third-quarter sales to $411 million and now has a network of 4,000 professional car dealers. Over 100,000 used cars have been sold on the platform since launch and the company aims to reach over $2 billion completed sales over the next year.