Used car platform Cazoo raises £100 million in funding
Used car buying startup Cazoo has raised a further £100 million of funding as it works on accelerating the UK’s shift to online car buying.
This recent round was led by DMG Ventures, alongside General Catalyst, CNP (Groupe Frère), Mubadala Capital, Octopus Ventures, Eight Roads Ventures and Stride.VC.
Launching officially in December 2019, Cazoo has sold thousands of cars, delivering them to customers across each region of the UK. Founded in 2018, Cazoo offers reconditioned cars for sale, which are delivered for free to customers' doors, including a seven-day money-back guarantee, free comprehensive 90-day warranty, and roadside assistance.
Alex Chesterman, Founder & CEO at Cazoo, said: “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.”
With the coronavirus touching the operations of every sector, Cazoo has implemented new practices to ensure safe handover. The process can now be done at a safe distance to protect both its customers and employees.