The equity is being provided by existing investors Accel Partners and Highland Capital Partners and the debt is being provided by Kreos Capital.

Autoquake sells high-quality ex-fleet and leasing company cars directly to consumers via its website www.autoquake.com. The company says that key to the Autoquake concept is the focus on customers and ensuring that cars are prepared to a high quality, with factory-like efficiency, and an ecommerce platform which enable those cars to be sold in a fraction of the time that cars remain on traditional car dealer forecourts. As a result, Autoquake says it is able to offer car buyers discounts of more than 10% compared to traditional dealers and car supermarkets whilst still providing substantially higher returns to fleets than conventional disposal channels.

Dermot Halpin, who joined Autoquake as its new CEO last autumn from his former role of president of Expedia in Europe, said: 'Autoquake is about focusing on what customers want when they are buying a used car. In the last six months Autoquake has taken big steps forward in terms of operational excellence. We now have a great foundation and are gearing up for the next stage of growth with this new investment. We are pleased to have the continued support of Accel Partners and Highland Capital Partners behind us and are pleased to welcome Kreos Capital onboard.'

Kevin Comolli, managing general partner at Accel Partners, added: 'Autoquake has a powerful business model which stands apart in the sector. It creates value for both consumers and fleets in a way that has never been done before. A lot of progress has been made in the business and we are now ready to see the real leverage that it can provide.'