Heycar, the online automotive marketplace set up by Volkswagen, has raised an undisclosed amount of equity funding from Daimler, in return for a 20% stake.
Automotive manufacturer Daimler has agreed to pay an undisclosed amount for a 20% stake in Heycar, a Germany-based used vehicle e-commerce platform spun out of fellow carmaker Volkswagen, Reuters has reported.
Founded by Volkswagen in October 2017 in partnership with corporate investment and incubation firm BCG Digital Ventures, Heycar operates an online marketplace for used cars that currently lists about 300,000 vehicles.
The platform serves customers in eight German cities, vetting dealers and offering after-sales services and financing.
