Thursday, December 12, 2013

TrueCar Scoops Up $30M From Vulcan Capital

Santa Monica-based online car buying technology provider TrueCar said this morning that it has raised $30M in a new round of funding, from Vulcan Capital, the venture funding arm of Microsoft co-founder Paul Allen. TrueCar said the new funds will go towards market expansion, product development, and to build its brand. As part of the funding, Abhishek Agrawal has joined TrueCar's board of directors. TrueCar's other investors are Upfront Ventures, Capricorn Investment Group, USAA, and Allen & Company. It's unclear if those prior investors were part of the growth funding. TrueCar--headed by serial entrepreneur Scott Painter--has established itself as a major player in the car buying market, providing consumers with upfront pricing information at the option level and helping to connect consumers with dealers. More information »