Online used car platform Cazoo has raised an additional £240m in funding, taking the total investment in the firm to £450m.
The latest funding round was led by General Catalyst, D1 Capital Partners and funds managed by Fidelity Management & Research Company and Blackrock alongside other new and existing investors including L Catterton, Durable Capital Partners, The Spruce House Partnership, Novator, Mubadala Capital and dmg ventures, amongst others.
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Launched last year, Cazoo is now selling and delivering thousands of cars a month to customers around the country, with the firm already achieving revenues of over £100m since its launch.
Alex Chesterman, founder and chief executive of Cazoo, said: “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.”
Dan Sundheim, Founder of D1 Capital, said: “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.”
Goldman Sachs International and Numis acted as joint placement agents to Cazoo on this latest fundraising which was significantly over-subscribed and has seen Cazoo’s valuation more than double since its last funding round earlier this year when it became the UK’s fastest ever unicorn with a valuation of $1 billion.
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By GlobalDataEarlier this year, Cazoo confirmed the acquisition of Imperial Car Supermarket, a large independent used car retailer in the UK. The deal enables Cazoo to incorporate its digital platform with Imperial’s UK infrastructure. Cazoo will now have a national network of storage, distribution, after sales and collection hubs.
