NEW YORK – Spotawheel, one of The Hellenic Initiatives’ Venture Fair companies, was launched in 2016 in an effort to offer a frictionless buying experience for used cars through a unique platform that helps buyers find the right car at the right price. The idea is to provide e-commerce levels of convenience and protection when purchasing a used car.

The new investment was led by VentureFriends, with participation from existing investor Velocity Partners, along with U.S.-based FJ Labs and unnamed strategic investors.

Spotawheel says funds will be used to expand across multiple locations in Europe. The company will also invest in growing its used car sourcing infrastructure. Headcount will be added to commercial, tech and ops-related positions across Europe.