Tom Leathes co-created Top10, a broadband and mobile comparison site, with Harry Jones and Alex Buttle. uSwitch bought it in 2010. The three founded Motorway in London in 2017.
Motorway lets a seller photograph a car and then lets about 4,000 verified dealers bid in a private online auction. It holds no stock, so it scaled quickly. Rivals include WeBuyAnyCar, Cazoo, Autotrader and CarWow.
Funding began with £500,000 from angels, then a £2.75m seed in 2018 and an £11m Series A in 2019. In March 2020 trading stopped during the UK lockdown. It restarted in May with contact-free collection.
Index Ventures led a £48m Series B in June 2021, and a $190m Series C with ICONIQ Growth followed in November at a valuation above $1bn. Sales were £2.2bn in 2023. Revenue was about £66m in FY2023/24, with a loss of £37.3m in 2024. Motorway targets profit in 2026.