Used car company Cazoo launches with new £25m raise
Cazoo, the much-hyped used car business from the man behind LoveFilm and Zoopla, launched today.
The company aims to move the entire process of used car-buying online, including home delivery of vehicles.
Cazoo also announced a further £25 million of funding, taking the total raised to £80 million. The latest round included investment from General Catalyst and Mubadala Capital.
On the company's site, consumers can view 360-degree images of the cars, each of which has undergone a 150-point inspection and is available at a fixed price.
The company also offers all standard forms of car finance.
Commenting on the launch, Alex Chesterman, Founder & CEO of Cazoo said: “Used cars are one of the last remaining consumer markets yet to benefit from any digital transformation. Cazoo makes used car buying simple and convenient like buying any other product online today. We take away the need to travel, to haggle, to spend countless hours at a dealership and to risk any buyer’s remorse. With Cazoo, you can purchase or finance a used car entirely online, have it delivered to your door in as little as 72 hours and have 7 days to make sure it fits your lifestyle. And if you don’t love your Cazoo car, we’ll come and collect it for free.”