With a valuation of greater than $1.5 billion, ACV Auctions becomes Buffalo’s first tech unicorn
Wellington Management Company and Fidelity Management & Research Co. led funding round to expand ACV Auctions’ rapid growth
Buffalo, NY – Nov. 13, 2019 – 43North portfolio company ACV Auctions has raised a $150 million Series E round of financing at a valuation of greater than $1.5 billion, making it Buffalo’s first tech unicorn. The round was led by Wellington Management Company and Fidelity Management & Research Co., and included existing investors Bain Capital Ventures, Bessemer Venture Partners and Tribeca Venture Partners.
ACV Auctions is the leading dealer-to-dealer online automotive marketplace, with operations in 140 territories extending from coast to coast. The Buffalo-headquartered company was the recipient of a $1 million investment from 43North in 2015. Since that time, ACV Auctions has grown to over 1,000 employees, including more than 375 in Western New York.
“ACV Auctions’ success is a powerful story for Buffalo’s startup ecosystem. They have created hundreds of jobs in Buffalo, attracted significant investment from some of the nation’s most prominent venture capital firms, and demonstrated how Western New York can be a fertile ground to scale a startup,” said 43North President Alex Gress. “We are proud to have ACV Auctions in the 43North portfolio and we congratulate them on their newest milestone of raising Series E financing and becoming Buffalo’s first unicorn. I look forward to the positive ripple effects that their continued growth will have on our community.”
ACV Auctions is one of 52 companies from across North America and as far away as Israel and Taiwan in the 43North portfolio.
43North is the startup competition that invests $5 million annually to attract and cultivate high-growth startups in Buffalo. 43North portfolio companies also receive free incubator space in Buffalo for one year, guidance from mentors in related fields, and access to other business incentive programs such as START-UP NY. 43North operates through the support of Governor Andrew Cuomo, Empire State Development, the Ralph C. Wilson, Jr. Foundation, and several other sponsors. For more information about 43North, visit www.43north.org.