This article will take you 3 minute(s) to read
London-based vehicle data-analysis startup Cazana deploys artificial intelligence and big data so that customers get accurate details about cars they want to buy and take a better informed decision.
Secures €1.75 million funding
Cazana has announced that it has closed a fundraising campaign on Crowdcube securing £1.56 million (nearly €1.75 million), which is 150% more than its target investment. The funding round was led by Passion Capital along with participation from industry heavyweights David Hammond and Robert Diamond (ex-RAC Managing Director), existing customers of Cazana and motoring enthusiasts investing their money in the business.
This new investment will enable the business to expand globally and accelerate the monetisation of its B2B sales. Further, the funding will also be used to develop the startup’s growing suite of service including its expansion into the US and the newly acquired Car & Classic website.
Founded in 2013 by Tom Wood in London, Cazana also offers free online car checking and valuation for customers so that they access real-time values of vehicles along with unseen history information. Its database covers almost every car on the road and provides insights to businesses and informs them about their pricing and lending strategy. It is expected to reach €25.7 million in revenue by 2022. Its subsidiary Car & Classic is the most popular free car listing sites with more than two million visitors per month in the UK.
Car & Classic acquisition
In 2018, Cazana acquired the Car & Classic website. This acquisition benefits the startup as the website is the largest classic car community in Europe and the largest classified website for classic cars in the world. In helped in selling over 480 million classic cars in 2018.
“I’m absolutely delighted with this amazing result and to see Cazana and Car & Classic raise significantly above target,” said Tom Wood, CEO of Cazana. “It’s fantastic to see a whole range of investors become a part of the company, from well-established backers to first-time investors. With the acquisition of Car & Classic last year and the closing of this raise, it’s been an unbelievably successful twelve months for us.
“This raise will accelerate our plans for UK growth, secure a stronger foothold in the US, invest in our consumer-facing platforms and expand our reach and services to better help both consumers and businesses. The motor industry is full of potential for businesses pushing it in a new direction and I can’t wait to get going on our plans for the future.”
“It is exciting to see companies like Car & Classic and Cazana challenge and drive transparency in a traditionally opaque industry,” said Luke Lang, co-founder of Crowdcube. “It is their dedication and passion that has resonated so much with the Crowdcube community.”
Stay tuned to Silicon Canals for more updates in the tech startup world.
Also read,
5 most successful crowdfunding campaigns on the most active funding platform in UK
Leave a Reply