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Vroom nabs in $254 million in Series H funding round

Used car marketplace Vroom has announced that it has raised $254 million in a Series H funding round led by Durable Capital Partners LP, with participation also from funds advised by T. Rowe Price Associates, L Catterton, and others. 

The New York-based company claims to have more than 250,000 buyers and sellers, and around 3,000 vehicles listed at any time, covering some 400 makes and models. 

With the fresh capital, Vroom plans to keep scaling up, with a special focus on expanding the product and engineering team. 

While Vroom did not comment on its present valuation, it has raised  $721 million since it launched in 2013. After nabbing in $146 million last year, Vroom had a post-money valuation of $796 million. 

CEO Paul Hennessy commented, “This new round of funding provides the necessary resources to further grow and scale our business. We are thrilled to receive continued support from investors and partners, reinforcing the Vroom model as a tremendous opportunity to bring about a fundamental and enduring change in the used vehicle industry.”

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