Automotive platform reaches unicorn status after closing £25m investment round

A digital automotive business has reached unicorn status after its latest multi-million pound funding round.

Used-car platform Cazoo has had valuations in excess of $1bn after closing a £25m investment round.

The latest funding round has seen new investor Draper Esprit join existing investors including DMG Ventures and General Catalyst, and takes the total raised by the online car retailer to over £200m.

Founded 18 months ago by entrepreneur Alex Chesterman, Cazoo enables consumers to buy used cars online and have it delivered to their door within 72 hours.

Alex Chesterman OBE, founder & CEO of Cazoo, commented: “We have an amazing team who are dedicated to reinventing the used car buying experience by providing the best selection, value, quality, and convenience for UK car buyers.

“Despite the current challenges many businesses are facing, Britain remains a market leader for talent and innovation and a great place to start a business.”