The car selling app Carvana is now a $2.5 billion company that has raised $3.1 billion from investors, according to people familiar with the matter.
The company is the brainchild of Michael J. Fox, who is an investor in Uber and is a former chief operating officer of Alphabet Inc. Carvana had raised $1.6 billion in a funding round earlier this year.
It is now seeking to raise a total of $3 billion in an initial public offering.
Carving out a foothold in the burgeoning auto and tech industry has been one of Fox’s goals.
The San Francisco-based company says it has more than 100 million monthly active users and has a user base of nearly 3 billion.
The app, which is not affiliated with the car brand, lets users rent a car, rent a pickup, buy a car or get a car loan.
It’s been used by more than 20 million people in over 200 countries.
“Carvana is going to change the way people experience cars,” Fox said in a statement.
“We are committed to making this new app as simple and frictionless as possible.
It will allow anyone to rent a new car from any location in the world.
This is a new, innovative platform that has the potential to revolutionize how people pay for cars.”
The company has attracted venture capital from investors including Kleiner Perkins Caufield & Byers, Andreessen Horowitz, Kleiner Bancorp, Bessemer Venture Partners and New Enterprise Associates.
The funding comes after Carvana was featured in an April profile in The Wall Street Journal, reporting that it had raised more than $3 million.
Fox told The Journal that he believes the platform is “going to be disruptive.”
Carvana, founded in 2013, was acquired by Google in 2017.