Abracar, the used car retailer spun off from Allianz X in early 2017, has received $13.4m in funding from the unit.
Allianz X, the digital investment subsidiary of insurance group Allianz, has invested €11.5m ($13.4m) in Abracar, the Germany-based operator of an online marketplace for used vehicles, Tech.eu has reported.
Abracar was incubated in Allianz X in 2016 before becoming the first company to be spun out by the unit in February 2017. It manages all aspects of the vehicle selling process, including compiling ads, taking photographs, quality assessment and processing payments.
The company does not charge flat fees, instead taking…
