London tech firm raises £240m in latest funding round to move car sales online
A London technology business has announced that it has raised £240m in its latest funding round to help change the way people buy cars.
Cazoo, based in London, said that the funding comes after an “acceleration” in the shift from buying cars in person to buying them online.
The funding will be used to help the company advance its online offering and its marketing plans.
Alex Chesterman OBE, founder and CEO of Cazoo, commented: “Over the past few months we have seen an acceleration in the shift from offline to online car buying as UK consumers have continued to embrace our unique and market-leading proposition.
“This latest funding demonstrates the conviction of some of the world’s best investors in both our business model and team as well as the UK market and gives Cazoo the firepower to deliver on our plans to provide the best possible car buying experience for UK consumers.”
Adam Valkin, managing director of General Catalyst, said: “I have known Alex for seventeen years since our days building LoveFilm.
“He has made a career out of identifying large consumer markets where technology can drive change and then leading that transformation by focusing on the customer and delivering value, convenience and a trusted service.
“With Cazoo, Alex is taking his proven playbook to perhaps his largest opportunity yet for the benefit of used car buyers across the UK.”
Dan Sundheim, founder of D1 Capital added: “We’re excited to partner with Alex and the team at Cazoo.
“They have generated enormous value for customers and shareholders in their previous internet ventures and we are confident that Cazoo will greatly accelerate the digital transformation of the used car industry and dramatically improve the car buying experience for consumers in the UK.”
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