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The deal, which will ultimately leave SoftBank with 20 per cent of the business, values Auto1 at €2.9bn. A funding round last year that raised €360m for Auto1 gave the company a value of €2.5bn. Half the investment will be made through the issue of new shares.

“This gives us a big lever when it comes to rolling out new products and services,” said Hakan Koc, the co-chief executive and one of the founders. Mr Koc and Christian Bertermann, the other founder and chief executive, will keep 30 per cent of the company.