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Online car wholesaler Openlane accelerates with $25M

Posted on May 27, 2008

Capitalizing on its position as the last man standing in the once crowded online auto wholesaling auction market, Openlane Inc. today announced that it has closed a $25 million round of venture capital.Late-stage specialist Meritech Capital Partners of Palo Alto, Calif., led the round, which included previous investors August Capital of Menlo Park, Calif., RPM Ventures of Ann Arbor, Mich., and Zilkha Capital Partners of Palo Alto. The nine-year-old company will use the money to shore up its balance sheet and for possible acquisitions, but will also boost investment in new products and technol...

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