London-based Carwow, a platform that connects car buyers to car dealers to make buying cars easy, announced that it has raised $55M (approx €48.66M) in a fresh round of funding. As per the company, this is it’s largest-ever fundraise.
The news comes after Carwow’s recent acquisition of used car buying platform Wizzle, which was founded by Sebastien Duval in 2012 to help consumers sell their car by taking photos to list it on the platform and then receive offers from dealers who wish to buy it.
The acquisition helped the company to witness rapid growth recently. It grew its “Sell Your Car” business by 600 per cent in six months, hit the 7,000 live listings milestone in two months, listed 900 consumer cars for dealers to buy each day, and sold £4.2B worth of new cars in the UK, DE, and ES in 2021.
About the investor
The investment was made by US-based venture capital and private equity firm Hercules Capital. It is a specialty finance company focused on providing venture growth loans to high-growth, innovative venture capital-backed companies in a diversified variety of technology, life sciences, and sustainable and renewable technology industries.