Business car fleet operator New Car Ventures has secured $100 million in venture funding to build a global car industry empire.
The $100-million round was led by Accel Partners, the company behind the car-sharing service Car2Go, which has received $40 million in funding since 2014.
Accel Partners said the $100M is the largest round in the company’s history and it is the first round to support a company with an international car business.
“We’re very excited to be the first investor to join a company like this in its global expansion,” said Accel Partner, Peter M. Smith.
“This is an incredibly strategic investment for New Car and will add to the global car economy, and we are thrilled to have New Car invest in a company that will bring a global perspective to our business.”
The company said it is working on “a broad range of strategic opportunities in the auto industry.”
New Car Ventures is a venture capital firm based in New York.
Its investors include Accel, KKR, Sequoia Capital, TPG Capital, Sequro Capital and others.