Digital auto retailer SpotAWheel has clinched the Greek used-car industry’s biggest investment commitment of €300 million ($352 million) from a foreign fund and a local entrepreneur, according to an exclusive report on CarAndMotor.
Without disclosing further details, except that the investment is structured as a joint-stock scheme, the news portal linked the capital injection to SpotAWheel’s strong performance in imported used-car sales in recent years.
The fund will be used to build up inventory of secondhand vehicles and strengthen the company’s leasing business, according to the report.
Operated by London-registered SpotMechanic Limited and also active in Poland and Romania, SpotAWheel raised €110 million from VentureFriends, Adevinta Ventures, Uniqa Ventures, Rockaway Ventures, Velocity Partners, FJ Labs and Collective Spark in 2022. In July this year, Alter Ego Ventures agreed to buy a limited minority stake in SpotMechanic via preferred F shares for €1.5 million.
Founded in 2016, SpotAWheel enables fully online car buying with a 200+ point technical inspection report, a 5-year warranty and nationwide delivery.
The AIM Group has contacted the company for additional information and will update the story when a response is received.
