Based in the United Kingdom, Motorway stands at the forefront of transforming the pre-owned vehicle sector. The platform establishes a direct conduit between individual car sellers and professional purchasers, streamlining the transaction process while optimizing the returns for all parties involved. Speed, equity, and user convenience are the cornerstones of their operational ethos, which has garnered a substantial and diverse clientele. Currently, Motorway’s sphere of activity is centered within the UK, yet it eyes further geographical growth. A cohort of distinguished venture capital entities underpins the firm’s private ownership. Motorway has carved a niche for itself by leveraging intuitive digital interfaces and a streamlined vehicle trading system, thereby redefining benchmarks within the automotive exchange market.
Motorway was founded in July 2017 by Tom Leathes, Alex Buttle, and Harry Jones. The trio had previously created Top10, a broadband comparison site, which was acquired by uSwitch in 2010. Motorway’s journey began with an angel investment of £500,000, followed by a £2.75 million seed funding round involving LocalGlobe and Marchmont Ventures. In 2019, the company secured £11 million in Series A funding, bringing its total funding to £14.3 million. Despite a temporary halt in trading during the COVID-19 pandemic lockdowns in March 2020, Motorway quickly adapted with contact-free transport and resumed operations by May 2020. By June of the same year, they were reporting £1.39 million in daily used car sales.
The growth trajectory continued with Lloyd Page, former Marketing Director of MoneySupermarket, joining as CMO in March 2021. A substantial Series B funding of £48 million was raised in June 2021, led by Index Ventures, BMW i Ventures, and Unbound, and in November 2021, Motorway raised $190 million in Series C funding, co-led by Index Ventures and ICONIQ Growth, valuing the company at over $1 billion and earning it unicorn status. By mid-2022, Motorway was selling more than 1,000 cars daily. In February 2023, the company reported reaching £1.7 billion ($2.1 billion) in used car sales for 2022, doubling its annual revenue year-on-year.
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