Online car retail unicorn Cazoo raises additional £240m
Posted on October 1, 2020 by Alistair Hardaker
Online used car platform Cazoo has raised a further £240m of funding.
It takes the total raised by the firm to £450m in the two years since it was founded.
Founded by Alex Chesterman, founder of Zoopla and LoveFilm, Cazoo launched last year and now sells and delivers thousands of cars a month to customers all around the country, entirely online.
It owns and fully reconditions its cars before offering them for sale exclusively on its website, stored centrally in the Midlands and available for either home delivery or collection from one of its Cazoo Customer Centres.
The firm has already reported revenues of more than £100m.
Its backers now include General Catalyst, D1 Capital Partners, Fidelity Management & Research Company, Blackrock, L Catterton, Durable Capital Partners, The Spruce House Partnership, Novator, Mubadala Capital and dmg ventures.
“Over the past few months we have seen an acceleration in the shift from offline to online car buying as UK consumers have continued to embrace our unique and market-leading proposition,” said Chesterman.
“This latest funding demonstrates the conviction of some of the world’s best investors in both our business model and team as well as the UK market and gives Cazoo the firepower to deliver on our plans to provide the best possible car buying experience for UK consumers.”
Goldman Sachs International and Numis acted as joint placement agents to Cazoo on the latest fundraising.
It has seen Cazoo’s valuation more than double since its last funding round earlier this year, when it became the UK’s fastest ever unicorn with a valuation of $1 billion.