Friday, April 4, 2014

TrueCar Files For IPO

Santa Monica-based TrueCar has filed for an IPO, saying Friday that it is looking to raise up to $125M on the NASDAQ Global Select Market as TRUE. The IPO is being underwritten by Goldman, Sachs & Co. and J.P. Morgan. TrueCar--which is led by Scott Painter--is backed by USAA, Capricorn Investment Group, Upfront Ventures, Anthem Ventures, Vulcan Capital Growth Equity, Peppy Capital Partners, Arcturus Venture Capital, along with others. TrueCar reported a loss of $22.6M on revenues of $133.958M for the year ended December 13, 2013. TrueCar provides auto car buying technology, which powers a number of affiliate auto buying programs, and also offers up data on new car pricing and referrals to local car dealers.