Auto marketplace ACV Auctions seeks to raise $150 million at $1 billion valuation

(Reuters) - ACV Auctions Inc intends to raise $150 million in a new funding round, which would push the online automotive marketplace’s valuation to over $1 billion, according to a filing seen by Reuters.

The filing, which was made with the State of Delaware and sent to Reuters by private analytics firm Lagniappe Labs, showed the addition of 27.12 million ‘Series E’ shares.

ACV Auctions declined to comment.

The Buffalo, New York-based company provides an online platform for franchise and used-car dealerships to buy and sell wholesale inventory through 20-minute auctions.

The filing gave the initial value of the Series E shares at $5.5302, a 135% jump to the value given in its previous fundraising round in December 2018.

The firm is currently valued at about $595 million, after raising $93 million in the December funding round, according to Prime Unicorn Index, an index by Lagniappe Labs that measures the share price performance of U.S. private companies.

Last month, ACV Auctions said it sold over 24,000 vehicles in August on its platform.

Reporting by Munsif Vengattil in Bengaluru; Editing by Shinjini Ganguli