Car-bidding platform The Lasso raises $9.8m to fix car sales for consumers and dealers

Car-bidding platform The Lasso raises $9.8m to fix car sales for consumers and dealers

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

SAN FRANCISCO, July 8, 2024 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.

In less than 2 years since its launch, The Lasso has hosted over 25,000 listings, together worth more than $625 million.

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.

Already, the platform has proved a success even in its limited initial geographies; in less than 2 years since its launch, The Lasso has hosted over 25,000 listings, together worth more than $625 million. The strong showing drew the interest of standout investors like Crosslink Capital and Manresa Ventures, both of which have successful track records in backing marketplace-style startups.

"Investing in The Lasso was a no-brainer for us," said Gabby Contro, Partner at Crosslink Capital. "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."

Looking forward, the company plans to use its funding to double down on its initial traction by expanding nationwide.

"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," said Mihalovich. "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."

About The Lasso

The Lasso is a platform that links car sellers directly to a network of hundreds of top-notch dealerships. With the platform, car sellers are able to obtain multiple offers for their cars from different dealerships within 24 hours. Dealerships are able to get access to a new source of inventory allowing them to compete against nationwide dealerships. Founded by Nathan Milhalovich and Mike Allen, The Lasso is backed by Crosslink Capital, Manresa Ventures, Ritual Capital, Liquid2, Contour, and Correlation. The company is headquartered in New York, NY. For more information, please visit www.thelasso.com.