P+P advises DN Capital on €460 million round in Auto1 by SoftBank
Berlin — Through its technology fund Vision Fund, Japanese telecoms group SoftBank is investing EUR 460 million in the Berlin-based used car platform “Wir kaufen Dein Auto” of Auto1 Group GmbH. Approximately half of the investment will flow directly into the company in exchange for newly issued shares. P+P advised the existing investor DN Capital on the new financing round and on various share sales in connection with the current financing round.
With a valuation of EUR 2.9 billion, Auto1, whose best-known current offering is the Wirkaufendeinauto.de platform, is now one of the most valuable tech startups in Europe. — Auto1 was founded in 2012 by Hakan Koç and Christian Bertermann. According to its own figures, the online marketplace for the purchase and sale of used cars sold more than 300,000 vehicles in 2016. Sales in 2016 amounted to 1.5 billion euros.
The startup has received nearly EUR 900 million in funding so far from investors including DN Capital, JP Morgan and Goldman Sachs. In the last financing round in May 2017, EUR 360 million was raised from VC Target Global and the Scottish investment company Baillie Gifford, among others.
SoftBank had most recently invested in technology companies such as the messenger service Slack via its $90 billion Vision Fund.
Advisor to the previous investor DN Capital: P+P Pöllath + Partners
Christian Tönies, LL.M. Eur. (Partner, Lead, VC, Munich/Berlin)
Dr. Sebastian Gerlinger, LL.M. (Senior Associate, VC, Munich/Berlin)