California-based TrueCar.com said it received a $30 million investment from Microsoft Corp. co-founder Paul Allen's Vulcan Capital. TrueCar is a car pricing information website.
According to a report by Reuters, the money raised from the venture funding round will be used for market expansion and product development. TrueCar has raised a total of $352 million in several funding rounds since 2007, its CrunchBase profile said.
TrueCar displays the average selling price of a new car, its sticker price and what the site estimates to be a good price. TrueCar also displays the price that dealers in its network are offering, Reuters said.
Based on its CrunchBase profile, TrueCar dealer partners have sold over 600,000 vehicles across the country since 2005.
TrueCar's investors include venture capital firm Upfront Ventures, billionaire Jeff Skoll's Capricorn Investment Group, insurer United States Automobile Association (USAA) and investment bank Allen & Co., Reuters said.
Vulcan Capital has been investing $10 million to $100 million in Internet and technology companies. Vulcan Capital managing director Abhishek Agrawal will join TrueCar's board, the report said.
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