TrueCar.com, a car pricing information website, said it received a $30 million investment from Microsoft Corp co-founder Paul Allen’s Vulcan Capital, affiliated news service Reuters reported.
TrueCar.com displays the average selling price of a new car, its sticker price, what the site estimates to be a good price, as well as the price that dealers in its network are offering.
The company said it would use the money for market expansion and product development.
Vulcan Capital, the investment arm of Vulcan Inc, has been investing $10-$100 million in internet and technology companies.
“We believe TrueCar.com’s negotiation-free car buying platform has demonstrated significant traction in changing the way consumers behave in one of the largest segments of the economy,” said Abhishek Agrawal, managing director at Vulcan Capital.
Agrawal will join TrueCar.com’s board, the company said.
TrueCar.com’s investors include venture capital firm Upfront Ventures, billionaire Jeff Skoll’s Capricorn Investment Group, insurer USAA, and investment bank Allen & Co.
Mridhula Raghavan is a reporter for Reuters News in Bangalore