London's disruptive car AI start-up Cazana raises £1.5m
London-based vehicle data startup Cazana has raised £1.5 million on Crowdcube in a funding round led by Passion Capital.
Cazana uses AI and big data to provide customers with information on modern and classic cars. It closed its crowd-fundraise at £1.56 million, nearly 160% of its original investment target.
The raise was led by Passion Capital, along with industry heavyweights David Hammond and ex-RAC Managing Director Robert Diamond, with existing Cazana customers and motoring enthusiasts also investing their money in the rapidly growing business.
The new funding will support the global expansion of the business, as well as accelerating monetisation of Cazana’s B2B sales.
“I’m absolutely delighted with this amazing result and to see Cazana and Car & Classic raise significantly above target,” said Tom Wood, CEO of Cazana.
“It’s fantastic to see a whole range of investors become a part of the company, from well-established backers to first-time investors. With the acquisition of Car & Classic last year and the closing of this raise, it’s been an unbelievably successful twelve months for us.
“This raise will accelerate our plans for UK growth, secure a stronger foothold in the US, invest in our consumer facing platforms and expand our reach and services to better help both consumers and businesses. The motor industry is full of potential for businesses pushing it in a new direction and I can’t wait to get going on our plans for the future.”
“It is exciting to see companies like Car & Classic and Cazana challenge and drive transparency in a traditionally opaque industry,” said Luke Lang, co-founder of Crowdcube. “It is their dedication and passion that has resonated so much with the Crowdcube community.”