Tech business raises £100m in drive to increase online car sales
A UK tech business has announced that it has raised £100m of funding to sell cars online.
Cazoo, based in London, has raised £100m to “accelerate the UK’s shift to online car buying”.
Since being founded less than 18 months ago, Cazoo has raised a total of over £180m, a record for any UK start up in its first year of operation.
This latest funding round was led by DMG Ventures alongside other investors including General Catalyst, CNP (Groupe Frère), Mubadala Capital, Octopus Ventures, Eight Roads Ventures and Stride VC.
Alex Chesterman, founder and CEO of Cazoo: “It’s clear that UK consumers are ready to buy cars online in a convenient, hassle-free way.
“Cars are an important form of transport for many in our society, whether conducting deliveries or getting to essential jobs and we want to ensure that those who need one can continue to get one.
“This new round of funding is a strong signal from investors of the scale of the opportunity.
“Our mission is to deliver the best experience for car buyers across the UK by delivering better selection, value, convenience and quality.
“That mission is now also focused on keeping consumers safe by not having to leave their homes to buy a car.
“We are also looking at how Cazoo can help other organisations move essential supplies around the country via our fleet of car transporters in these difficult times.”
Manuel Lopo de Carvalho of DMG Ventures added: “We are very excited to continue to support Alex and the team at Cazoo.
“The pace of what they’ve achieved and the level of adoption they’ve seen in the first few months since launch is remarkable.
“With almost 8 million used car transactions a year in the UK, there is a clear opportunity to provide a more convenient way to buy a car and shift part of the market online.”
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