Used car database and marketplace Cazana has received £1.75m in funding from private equity firms Origina Capital and Passion Capital.
It also saw the addition of two members to its advisory team: Robert Diamond, former managing director of insurer RAC, and Andy Homer, former chief executive of Aviva and Axa.
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Tom Wood, chief executive officer of Cazana, said: “The investment we have secured demonstrates the value that Cazana’s database provides both to the motor trade, and to consumers looking to purchase a used car.
“Since our launch in 2013, we have grown at a rapid rate, and this investment will enable us to help more businesses understand vehicles better and continue to improve our platform for consumers.
“We are also attracting some major industry names and reputations to Cazana, and are delighted to have the backing of Passion Capital, Origin Capital and ex-RAC MD Robert Diamond.”
Cazana recently appointed Rupert Pontin of Glass’s as its head of valuations. The company has also expressed the intention to expand in the US and the rest of Europe.
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