Microsoft co-founder’s venture capital firm makes $30m TrueCar investment

0
2

car-wheel_lrgThe venture capital firm launched by Microsoft co-founder Paul Allen has invested $30m in online car-buying platform TrueCar.com.

Vulcan Capital tapped its new Silicon Valley-based growth fund for the deal, which TrueCar said would be used to fuel its market expansion, develop its product and build out its brand.

Abhishek Agrawal, who head growth equity investment at Vulcan, will join the TrueCar board of directors following the investment.

He said, “We believe TrueCar.com’s negotiation-free car buying platform has demonstrated significant traction in changing the way consumers behave in one of the largest segments of the economy.

“Moreover, this remarkable business model has delivered huge value and significant savings to consumers.”

Current investors in TrueCar include Upfront Ventures, Jeff Skoll’s Capricorn Investment Group, USAA and Allen & Company.

Copyright © 2013 AltAssets