Online car retailer Carwow has raised $39m (€32.9m) in funding to grow its UK operations and expand internationally.
The funding round was led by Vitruvian Partners, a private equity firm, and the company’s existing investors Accel Partners and Balderton Capital.
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Before the latest wave of funding, Carwow had raised £18m. With the new funds, the hopes to invest in marketing campaigns, building its dealer network, and growing its team.
Carwow launched in 2013, and has sold more than £2bn worth of new cars since, claiming to have facilitated 5% of new car sales in the UK this year. The business is based in London, and has a staff of 140 based at its headquarters.
Carwow launched in Germany in 2016, and plans further international expansion. Last month Carwow introduced a live finance calculator from Volvo on its website, its first partnership with a manufacturer.
James Hind, founder and chief executive officer of Carwow, said: “We’ll invest further in improving our service for our partner dealers and manufacturers, who work with us to provide consumers an excellent way to buy a new car.”
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By GlobalDataThomas Studd, partner at Vitruvian Partners, said: “We are delighted and excited to partner with Carwow and to help accelerate its international expansion and deepen its offering within the UK new car market.”
