Online auction house Openlane raises USD25m led by Meritech

Thu May 29 2008, 09:36 AM

Automobile auction site Openlane has won USD25m in a round led by Meritech Capital Partners. Existing investors August Capital, RPM Ventures and Zilkha Venture Partners also participated in the round. The firm has not detailed how it will use the new capital, simply saying it will expand its business.

Deal Details

California-based Openlane operates a wholesale online auction house for car retailers. It claims to have sold more than 270,000 vehicles in 2007, generating revenues of around USD60m. Last quarter, the company posted a 65% increase in revenues compared to Q1 2007. Launched in 1999 as ATC Open, the firm has expanded though mergers with rivals and recently changed its name to Openlane.