Auto1 Group, an automotive startup based in Berlin, has received an investment of 460 million euros from SoftBank Group.

The startup which was founded in 2012, has developed a platform which uses analytics and logistics to connect users selling cars with those buying cars, thus simplifying the process.

“We are delighted to welcome SoftBank Vision Fund, one of the largest tech funds in the world, as an investor in AUTO1 Group,” Auto1 Group Co-CEO Hakan Koç said in a press statement announcing the investment. “We believe that the Fund’s deep investment and technology expertise will help us to accelerate our growth as we continue to focus on making the used vehicle market more efficient and transparent.”

The investment from SoftBank brings the value of the startup to 2.9 billion euros. The funds for the investment come from SoftBank’s $93 billion vision fund set up by the company to fund tech-based startups. Backers of the fund include Apple and the Saudi Arabia Sovereign Wealth Fund.

According to the same press release, the German company has sold 40,000 cars a month and currently has a presence in 30 countries.

“Auto1 Group has built a fast growing, data-enabled platform introducing efficiency and transparency to the fragmented used car market, which is worth more than $300 billion annually,” Akshay Naheta, a partner at SoftBank Investment Advisors said in the statement. “The SoftBank Vision Fund’s capital and our operational expertise with marketplace businesses will support continued global growth.”

The startup, which has been backed by Goldman Sachs and JP Morgan, will use the funds for growth and further expansion on a global scale. Naheta will be joining the board of Auto1 as part of the investment deal.

(Picture courtesy: https://www.auto1-group.com/)