Cazoo, a London-based platform that enables consumers to buy and rental car online has announced a further £25 million (approx €29.3M) of funding, taking the total raised to over £80 million (approx €94M), making it one of the UK’s best-funded new businesses ever.
The latest funding round was led by venture capital firms General Catalyst and Mubadala Capital. This UK startup intends to use the additional funding to grow the team and further invest in marketing and operations.
On the other hand, the company is set to transform how 8 million used cars are bought each year by putting the entire process online and offering home delivery, much like buying any other product today.
Founded by Alex Chesterman in 2018, Cazoo has launched with over 1,500 cars in stock, ranging from family SUVs to sporty hatches, including a wide range of electric vehicles. Buyers can inspect high quality, 360-degree images from the comfort of their home as well as the features and history of the car.
Notably, every car comes with a 7-day money-back guarantee, destined to replace the traditional 7-minute test-drive around the block. Cazoo cars come with total peace of mind having passed a thorough 150-point inspection and been fully reconditioned before being sold.
All cars have recent MOTs and full-service history, and each Cazoo car also comes with seven days of free insurance and a free comprehensive 90-day warranty and RAC roadside assistance.
Alex Chesterman, Founder & CEO of Cazoo, said:
Used cars are one of the last remaining consumer markets yet to benefit from any digital transformation. Cazoo makes used car buying simple and convenient, like buying any other product online today. We take away the need to travel, to haggle, to spend countless hours at a dealership, and to risk any buyer’s remorse.
Main image credits: Cazoo
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