heycar announced raising strategic investment from Allianz X.

heycar, a Berlin, Germany-based operator of a second hand car marketplace, announced securing an undisclosed amount of capital investment.

The money was raised from the local insurance company, Allianz, via its digital investment unit Allianz X.

Part of the deal, Allianz Partners, a leading company in B2B2C insurance and assistance services, will become the insurance partner of heycar for the next five years in all existing and future markets. The cooperation will extend the heycar platform with Allianz insurance products and services by seamlessly integrating them into the digital customer journey.

heycar, led by CEO Florian Schlieper and operated by parent company Mobility Trader Holding GmbH, was launched by Volkswagen in 2018 and developed a multi-brand, quality used car sales platforms available across Europe.

Following the initial rollout in Germany, it expanded to the United Kingdom and Spain. The digital B2C-platform provides customers with a wide range of quality used car offers, as well as add-ons such as warranty and flexible purchasing options like financing or leasing. In order to do so, heycar builds on strong partnerships with car manufacturers, dealers, and  captive banks. 

The company says it has around 400,000 listed vehicles from about 2,000 dealer groups.

heycar other investors include Volkswagen Financial Services AG, Volkswagen AG and Daimler Mobility Services.