Lowenstein represented ACV Auctions in the transaction.
ACV Auctions Inc. secured $150 million in Series E funding.
The investment was led by Wellington Management Company and Fidelity Management & Research Co. and included existing investors such as Bain Capital Ventures, Bessemer Venture Partners and Tribeca Venture Partners.
The new capital will fuel ACV Auctions’ investment in technology and data-driven solutions that will help dealerships source and sell used vehicles. The new capital will also be used to expand the company’s footprint across North America and grow the ACV Auctions’ team, which currently stands at 1,000-plus employees.
ACV is an online, wholesale vehicle marketplace that provides franchise and used-car dealerships a more effective and transparent way of buying and selling wholesale vehicles through 20-minute auctions.
The Lowenstein team included Anthony O. Pergola (Picture), Dotan Barnea, Joon Hwan Kim, and Cecily Larison.
Law Firms: Lowenstein Sandler LLP;
Clients: ACV Auctions Inc.;