Australian online used car retailer Carma has raised $30 million in a convertible note funding round, led by Regal Funds Management and Tiger Global. The company plans to use the funds to expand its vehicle inventory and grow its car-buying service.

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The startup now joins the ranks of Carvana and Vroom in the U.S., Clutch and Canada Drives in Canada, Kavak in Mexico and Cazoo in the U.K. The startup said it would begin another round of fundraising soon to support its accelerated expansion plans in 2022. The company currently has a fleet of 300 vehicles in stock, which it sources from private sellers, other dealers and through auctions, but will shortly have over 500, according to a spokesperson for the company.“Typically, our cars are under five years old, with less than 100,000 kms (62,137 miles), and with the latest features,” a spokesperson for Carma told TechCrunch. “After we buy them, they undergo a thorough mechanical inspection, repair and reconditioning process in-house, before being photographed at our state-of-the-art facility in Sydney. The company says it will offer transparent prices and over-the-phone and online customer support. Carma has been operating in stealth for the past nine months, and says the funding has enabled the company to recruit an executive team, develop its website and establish its first inspection and reconditioning facility in Sydney. Carma has no major competition to speak of, so it has a chance to corner the market while it’s hot. Carma isn’t the first online car dealership with a punny name.