A new way for consumers to sell their cars has facilitated over 25k listings.

SAN FRANCISCO, July 8, 2024 /PRNewswire-PRWeb/ — Online car bidding platform The Lasso, formerly known as Revv, today announced it has raised $9.8 million in early-stage funding as it prepares to expand nationwide.

The funding, which was split across three tranches, culminated in 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 participated.

The funding, which was split across three tranches, culminated in 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 participated.

The Lasso helps car owners get top dollar for their cars by facilitating bids from local dealerships. Founder and CEO Nate Mihalovich saw the need for a better way to sell cars after going through the painstaking process for his own car in 2019. This need was amplified during the pandemic, which saw skyrocketing demand for used cars as well as a shift towards online transactions.

Having built successful marketplaces before, Mihalovich 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.

“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,” said Mihalovich. Read rest here.