A new way for consumers to sell their cars has facilitated over
25k listings.
SAN
FRANCISCO, July 8, 2024 /PRNewswire-PRWeb/ -- Online
car bidding platform The Lasso, formerly known as Revv, today
announced it has raised $9.8 million
in early-stage funding as it prepares to expand nationwide.
In less than 2 years since its launch, The
Lasso has hosted over 25,000 listings, together worth more than
$625 million.
The funding, which was split across three tranches, culminated
in a seed round; Crosslink Capital and Manresa Ventures were the
lead investors, while Contour Venture Partners, Liquid2 Ventures,
Ritual Capital, Correlation Ventures, and other firms also
participated.
The Lasso helps car owners get top dollar for their cars by
facilitating bids from local dealerships. Founder and CEO
Nate Mihalovich saw the need for a
better way to sell cars after going through the painstaking process
for his own car in 2019. This need was amplified during the
pandemic, which saw skyrocketing demand for used cars as well as a
shift towards online transactions.
Having built successful marketplaces before, Mihalovich launched
The Lasso in fall 2022 as a better solution for both sides -
providing dealers with a reliable source of quality inventory and a
convenient, trustworthy process for the consumer.
"The Lasso has essentially just given a framework to something
most of us already know as car owners – that you shouldn't have to
choose between getting a decent offer and sacrificing your weekends
playing the middleman," said Mihalovich.
Already, the platform has proved a success even in its limited
initial geographies; in less than 2 years since its launch, The
Lasso has hosted over 25,000 listings, together worth more than
$625 million. The strong showing drew
the interest of standout investors like Crosslink Capital and
Manresa Ventures, both of which have successful track records in
backing marketplace-style startups.
"Investing in The Lasso was a no-brainer for us," said Gabby
Contro, Partner at Crosslink Capital. "From 2019 to 2020, online
transactions went from being just 2% to a whopping 19% of car
sales. The Lasso's initial traction is just further proof that
we're never going back to a place where we buy and sell our cars in
person at a dealership by default, and their unique model has
achieved that Goldilocks balance that provides a win-win for both
dealers and consumers."
Looking forward, the company plans to use its funding to double
down on its initial traction by expanding nationwide.
"We see this as a very strong first chapter. Our initial
traction is a testament to the hard work and dedication of our
team, and the support of our early backers," said Mihalovich. "Now
as we're looking to expand, I'm very pleased to have such a strong
group of investors joining us on this next phase of our
journey."
About The Lasso
The Lasso is a platform that links car sellers directly to a
network of hundreds of top-notch dealerships. With the platform,
car sellers are able to obtain multiple offers for their cars from
different dealerships within 24 hours. Dealerships are able to get
access to a new source of inventory allowing them to compete
against nationwide dealerships. Founded by Nathan Milhalovich and
Mike Allen, The Lasso is backed by
Crosslink Capital, Manresa Ventures, Ritual Capital, Liquid2,
Contour, and Correlation. The company is headquartered in
New York, NY. For more
information, please visit www.thelasso.com.
Media Contact
Nate Mihalovich, The Lasso, 1
4159999927, nate@thelasso.com
View original content to download
multimedia:https://www.prweb.com/releases/car-bidding-platform-the-lasso-raises-9-8m-to-fix-car-sales-for-consumers-and-dealers-302188398.html
SOURCE The Lasso