News

Car vending machine company secures $160M in funding

August 11, 2016

Carvana, creators of the car vending machine, has recently secured $160 million in a series C funding round, bringing its total funding to $460 million. The company offers an online car buying platform and used car vending machines in Atlanta and Nashville, according to a press release

After users purchase a car from the Carvana website, they can visit the kiosk and receive a Carvana style coin, which they insert into a slot to receive their car. Customers can also purchase the car on site, without having to interact with an employee.

 "We're founded in the belief that consumers deserve a better, more efficient and transparent way to buy a car. People continue to enthusiastically respond to that idea, and our investors are wholeheartedly behind us in this mission," Ernie Garcia, founder and CEO of Carvana said in the release. "With this funding, we'll be able to continue meeting customer demand for the unique Carvana experience and pursue our mission to revolutionize how people buy cars."

Watch the Carvana vending machine in action: