(Bloomberg) -- Auto1 Group GmbH, the German online used-car platform, has raised 255 million euros ($300 million) via convertible notes in a fresh round of funding.
Private equity firm Farallon Capital Management and hedge fund Baupost Group led the round, and existing shareholders, including SoftBank Group Corp.'s Vision Fund, also participated, the Berlin-based company said in a statement on Thursday.
Auto1 will use the fresh cash to further develop its retail brand Autohero, Auto1 co-founder Christian Bertermann said in an interview. Online car sales have gotten a boost as Covid-19 lockdowns pushed shoppers online, he said.
The company could consider an initial public offering to raise cash in the future, bolstered by its revenue growth, he said. Auto1 said it grew 2019 revenue by 21% to 3.5 billion euros, up from 2.9 billion euros in 2018.
“After eight years, we are a grown-up company. We continuously look at a number of different financing options,” Bertermann said. “Versus three-to-four years ago, an IPO is definitely a more interesting option,” he said.
Bertermann said nothing concrete has been decided about a potential listing, and advisers haven't been retained. The company was valued at about 2.9 billion euros when SoftBank invested in 2018. A representative for the company declined to comment on its current valuation.
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