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London-based used car platform Cazoo scoops up €108.3M to accelerate online car buying

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London-based used car platform Cazoo scoops up €108.3M to accelerate online car buying

Cazoo, a startup that buys in used vehicles after which sells them on-line, has raised £100 million (approx €108.three million) funding because it seeks to speed up the UK’s shift to on-line automotive shopping for. 

This newest funding spherical was led by DMG Ventures alongside different traders, together with General Catalyst, CNP (Groupe Frère), Mubadala Capital, Octopus Ventures, Eight Roads Ventures, and Stride.VC. To date, the corporate has raised greater than £180 million (approx €195.four million) since its inception (lower than 18 months in the past), a file for any UK startup in its first yr of operation. 

Embracing shopping for vehicles absolutely on-line!

Since Cazoo’s launch in December, the UK shoppers have been fast to embrace shopping for vehicles absolutely on-line in a lot the identical method as shopping for another product at present. 

The firm has already offered hundreds of vehicles, delivering them to clients throughout each area of the UK from the tip of Cornwall to the highest of Scotland, and the enterprise has generated over £20 million (approx €20 million) in revenues in its first three months.

Reconditions vehicles earlier than promoting!

Cazoo was based in 2018 and had a extremely skilled administration staff, led by Founder & CEO Alex Chesterman OBE. The UK firm owns and absolutely reconditions all its vehicles earlier than providing them on the market and delivering them free to buyer’s doorways in a handy two-hour supply slot. 

READ MORE:  Lime grabs €157M funding by Uber and Alphabet, now owns Jump e-bikes division

Every Cazoo automotive comes with a 7-day money-back assure, free complete 90-day guarantee, and roadside help. Buyers can buy or finance one of many hundreds of Cazoo vehicles solely on-line in addition to getting an prompt supply for any half alternate.

The used-car platform has lately adjusted its thorough car handover course of to now be executed at a protected distance to guard each its clients and staff.

Alex Chesterman, Founder & CEO of Cazoo, mentioned: 

It’s clear that UK shoppers are prepared to purchase vehicles on-line in a handy, hassle-free method. This new spherical of funding is a powerful sign from traders of the dimensions of the chance. Our mission is to ship the most effective expertise for automotive consumers throughout the UK by delivering higher choice, worth, comfort, and high quality. That mission is now additionally focussed on conserving shoppers protected by not having to depart their properties to purchase a automotive. We are additionally taking a look at how Cazoo may also help different organisations transfer important provides across the nation through our fleet of automotive transporters in these tough instances.

Main picture credit: Cazoo

Stay tuned to Silicon Canals for extra European expertise information

The publish London-based used automotive platform Cazoo scoops up €108.3M to speed up on-line automotive shopping for appeared first on Silicon Canals .

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