London-based vehicle data startup Cazana has announced to raise €1.15 million on crowdcube. The financing will be a part of series A round and is expected to be led by Passion Capital with participation from industry stalwarts David Hammond and Robert Diamond. Further, existing Cazana customers and vehicle aficionados may also show their interest in the fund campaign.
Cazana – real-time vehicular valuation assessment platform
Founded in 2013, Cazana enables future car owners and renters to get the precise valuation and allied risk with every vehicle on the road. By means of big data, the startup analyses millions of automotive transactions daily to estimate the most accurate value.
Cazana’s solutions are widely employed in the global vehicular ecosystem comprising manufacturers, finance & insurance companies and dealerships.
Cazana facilitates users with free online car checking and valuation services. Besides, users can have access to prior records and veiled information of vehicles. The platform’s database of every car on road also helps businesses to determine lending and pricing strategy of their vehicles.
Acquired Car & Classic website
Cazana recently took over Car & Classic, the largest online marketplace for classic and specialist vehicles in Europe. The website enjoys 2 million+ monthly viewership.
The latest fund injection will boost the global expansion of Cazana. By 2022, the startup is looking forward to accomplishing €25 million in revenue.
Cazana CEO Tom Woods articulated, “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. 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.”
He further added, “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. It’s fantastic to have such an esteemed group of investor participating in this round and we look forward to our customers and motoring sector experts joining their ranks as part of this crowdfunding.”
Stay tuned to Silicon Canals for more updates in the tech startup world.