Car data platform Cazana.com revs up with £1m Crowdcube campaign
Artificial-intelligence startup Cazana.com has launched a £1m campaign on crowdfunding site crowdcube.
Cazana, based in Islington, is the company behind an AI and big data platform that equips customers with information on modern and classic cars.
It also offers free online car checking and valuation services, and with a database that covers every car on the road, businesses can use it to inform their lending and pricing strategies.
Last year Cazana acquired the website Car & Classic, whose classified section facilitated the sale of over 480 million classic cars in 2018.
Cash raised on Crowdcube will be used to grow both platforms, supporting the company’s global expansion, accelerating the monetisation of its B2B sales and developing its growing suite of services.
The funding round is set to led by investment firm Passion Capital and draw participation from industry players like David Hammond and former RAC managing director Robert Diamond.
Founded in 2013, Cazana is forecast to grow its turnover to £22m by 2022.
CEO Tom Woods said: “This is a time of revolution in the car industry and we’re incredibly excited about this funding round and what it means for Cazana and our customers.
“Our acquisition of Car & Classic last year massively increased our reach and the services we provide to consumers and businesses. The classic car market is a very lucrative sector of the automotive industry, with £25.4bn worth of classic cars transacted annually worldwide.”
He continued: “With this raise, we will accelerate our plans to secure a stronger foothold in US markets and well as investing in our consumer facing platforms. It’s fantastic to have such an esteemed group of investor participating in this round and we look forward to our customers and motoring sector experts joining their ranks as part of this crowdfunding.”