Carpool Logistics Secures $12M Series A from Wavecrest and CarMax to Scale Vehicle Shipping Platform

New capital will accelerate technology development, scale operations, and strengthen customer partnerships.

ATLANTA, March 12, 2025 /PRNewswire/ -- Carpool Logistics, the leading vehicle logistics platform, announced that it has raised $12 million in Series A growth capital led by Wavecrest Growth Partners, with participation from CarMax, Impel founders Devin Daly and Michael Quigley, as well as automotive industry veteran David Metter. The new funding will be strategically deployed to accelerate Carpool's growth across multiple fronts: enhancing the technology platform, expanding product development, optimizing logistics capabilities, and scaling sales and marketing efforts to drive customer acquisition and market expansion.

"We do more than just ship cars; everything we do is focused on improving the customer experience and making shipping a competitive advantage for our clients. Our platform bundles multiple vehicles into one shipment to reduce turnaround times and costs, while our white-glove approach – with real-time tracking and robust security measures – mitigates risks like damage claims and fraud," said Mike Malakhov, Founder and CEO of Carpool Logistics. "The funding from Wavecrest and CarMax allows us to scale more effectively, strengthen our team, and enhance our technology. By serving as a trusted partner to our customers and seamlessly integrating the Carpool platform with their workflows, we help our clients stay ahead in an increasingly competitive market."

Founded in 2021, Carpool Logistics has become one of the fastest growing vehicle shipping platforms. By leveraging advanced technology, the company optimizes vehicle shipping, resulting in cost savings and reduced environmental impact. Since its inception, Carpool has expanded its customer base to over 1,800 clients, including auto auctions, dealerships, manufacturers, and fleets, and has shipped more than 150,000 vehicles. Previously, the company raised a $3.5 million seed round from Atlanta Ventures and Overline Ventures in 2022.

"The vehicle logistics industry is rapidly evolving, and Carpool is at the forefront of this transformation," said Deepak Sindwani, Managing Partner at Wavecrest Growth Partners. "Our firm and extended team have a long history investing in the automotive industry, and Carpool's purpose-built technology platform and marketplace and uniquely experienced leadership team are clearly differentiated. We believe Carpool is well-positioned to become the category leader, and we are excited to partner with them to accelerate their next phase of growth."

"We're proud to partner with Wavecrest and CarMax to accelerate our growth and further invest in our team and technology. Wavecrest's experience in scaling technology-driven businesses will help us optimize operations and expand our market reach, while CarMax's deep industry expertise and expansive network provide invaluable insights into large-scale vehicle distribution. With their support, we're well positioned to digitize vehicle logistics and drive greater efficiency for our customers," said Malakhov.

ABOUT CARPOOL LOGISTICS

Carpool Logistics, based in Atlanta, Georgia, is a vehicle shipping marketplace fueled by their cutting-edge technology platform. By seamlessly connecting auto haulers with shippers – including auto auctions, dealerships, manufacturers, and fleets – the company streamlines logistics, lowers costs, and reduces emissions. A member of the Atlanta Tech Village and graduate of the Georgia Tech Advanced Technology Development Center (ATDC), Carpool Logistics has earned recognition as a leading innovator in the Southeast, being named Atlanta's Best B2B Startup and a 2024 Top 40 Innovative Company in Georgia. Learn more at carpoollogistics.com.

ABOUT WAVECREST GROWTH PARTNERS

Wavecrest Growth Partners is a growth equity firm focused on investing in and partnering with leading B2B software and technology-enabled services companies based in both North America and Western Europe. Wavecrest targets investments in high-growth companies with proven products and business models and brings to bear a differentiated combination of investing and operating experience and networks to help accelerate growth and profitability. Wavecrest's team has over five decades of collective investing and operating experience in growth-stage B2B technology companies, including numerous successful outcomes. For more information, visit wavecrestgrowth.com.

ABOUT CARMAX

CarMax, the nation's largest retailer of used autos, revolutionized the automotive retail industry by driving integrity, honesty and transparency in every interaction. The company offers a truly personalized experience with the option for customers to do as much, or as little, online and in-store as they want. During the fiscal year that ended February 29, 2024, CarMax sold approximately 770,000 used vehicles and 550,000 wholesale vehicles at its auctions. In addition, CarMax Auto Finance originated more than $8 billion in receivables during fiscal 2024, adding to its more than $17 billion portfolio. CarMax has over 245 store locations, nearly 30,000 associates, and is proud to have been recognized for 20 consecutive years as one of the Fortune 100 Best Companies to Work For®. CarMax is committed to making a positive impact on people, communities and the environment. Learn more in the 2024 Responsibility Report. For more information, visit www.carmax.com.

CONTACT

Austin Bryan
[email protected]

SOURCE Carpool Logistics