OpenLane, an online auto auction service, has brought in $10 million in eighth-round funding from Meritech Capital Partners, August Capital, RPM Ventures and Zilkha Venture Partners — bringing its total capital raised to $75 million, reports VentureWire.
The new money should come in handy considering the gloomy year ahead for the car industry — even though OpenLane says sales have remained stead. It sold about 270,000 cars in 2007, bringing in $60 million in revenue, the Menlo Park, Calif. company says. Still, it hopes the auto industry bailout will keep the downturn at bay.
It last raised money six months ago, bringing in $25 million in a round led by Meritech.