Online car bidding platform The Lasso (previously known as Revv) announced it has raised $9.8 million in early-stage funding as it prepares to expand nationwide. This funding round – which was split in three tranches – led to a seed round. Crosslink Capital and Manresa Ventures were the lead investors, while Contour Venture Partners, Liquid2 Ventures, Ritual Capital, Correlation Ventures, and other firms also joined the round.
The Lasso essentially helps car owners get top dollar for their cars by facilitating bids from local dealerships. And founder and CEO Nate Mihalovich saw the need for a better way to sell cars after going through a challenging process for his own car in 2019. And this need was amplified during the pandemic, which saw skyrocketing demand for used cars as well as a shift towards online transactions.
Mihalovich built success marketplaces before and launched The Lasso in fall 2022 as a better solution for both sides – providing dealers with a reliable source of quality inventory and a convenient, trustworthy process for the consumer.
Te platform has proved a success even in its limited initial geographies in less than 2 years since its launch. And The Lasso has hosted over 25,000 listings, together worth over $625 million.
KEY QUOTES:
“The Lasso has essentially just given a framework to something most of us already know as car owners – that you shouldn’t have to choose between getting a decent offer and sacrificing your weekends playing the middleman.”
“We see this as a very strong first chapter. Our initial traction is a testament to the hard work and dedication of our team, and the support of our early backers. Now as we’re looking to expand, I’m very pleased to have such a strong group of investors joining us on this next phase of our journey.”
– Nate Mihalovich
“Investing in The Lasso was a no-brainer for us. From 2019 to 2020, online transactions went from being just 2% to a whopping 19% of car sales. The Lasso’s initial traction is just further proof that we’re never going back to a place where we buy and sell our cars in person at a dealership by default, and their unique model has achieved that Goldilocks balance that provides a win-win for both dealers and consumers.”
– Gabby Contro, Partner at Crosslink Capital
