Cazana sets out to raise £1m to fund US expansion
Online vehicle data company, Cazana, hopes to raise £1m through a mix of corporate funding and crowdfunding via its customers and car enthusiasts.
The London-based company, which uses artificial intelligence and big data to analyse the car market to assess value and risk, said the funding would support its global expansion plans and to develop the company’s growing list of digital services.
The funding round is set to be led by Passion Capital, along with industry heavyweights David Hammond and Robert Diamond. However Cazana customers and motoring enthusiasts also expected to take a stake via a crowdfunding effort on Crowdcube.
“With this raise, we will accelerate our plans to secure a stronger foothold in US markets and well as investing in our consumer facing platforms”, said CEO Tom Wood.
“This is a time of revolution in the car industry and we’re incredibly excited about this funding round and what it means for Cazana and our customers”.
Cazana uses using big data and predictive analytics to provide automotive insights for vehicle owners and renters. The firm’s technology analyses millions of automotive transactions daily to assess the value and risk associated with every vehicle on the road.
Manufacturers, finance companies, dealerships, and insurance companies all use the six year company’s data.
Last September Cazana acquired Car & Classic website – the largest classic and specialist vehicle marketplace in Europe, with over 2 million visitors monthly.
“Our acquisition of Car & Classic last year massively increased our reach and the services we provide to consumers and businesses. The classic car market is a very lucrative sector of the automotive industry, with £25.4 billion worth of classic cars transacted annually worldwide.
With its new acquisition and growth plans, Cazana expects to reach €25 million in revenue by 2022.
Cazana also offers free online car checking and valuation services for customers, allowing them to access the real-time values of vehicles along with previously unseen history information.
Their database, which covers every car on the road, also provides insights to businesses to inform their lending and pricing strategy.