Online car platform Cazoo has become the fastest British business to reach unicorn status – with a valuation in excess of $1bn.

The company has also completed a £25m funding round, which saw new investor Draper Esprit join existing investors including DMG Ventures and General Catalyst. The round takes the total raised by Cazoo to over £200m.

Alex Chesterman, founder and chief executive of Cazoo, said: “We have an amazing team who are dedicated to reinventing the used car buying experience by providing the best selection, value, quality, and convenience for UK car buyers. Despite the current challenges many businesses are facing, Britain remains a market leader for talent and innovation and a great place to start a business.”

Last week, Cazoo announced the appointment of Stephen Morana as its chief financial officer (CFO), taking up the role in mid-July. Morana will join the Cazoo board of directors and executive team, reporting directly to founder and chief executive Alex Chesterman.

The appointment of Morana hints at a potential public offering for Cazoo, as he has experience of floating two UK digital businesses in recent years – Betfair and Zoopla, with both achieving multi-billion pound valuations. Morana was also on the board of Boohoo when it went public and currently sits as the senior independent director a gambling firm GVC.

Commenting on his appointment, Morana said: “What Cazoo has achieved in under a year is incredible and I’m really looking forward to joining the team.

“I have been lucky to work for some amazing businesses and wasn’t planning to take another full time role but, having worked with Alex before, I know that he is building a world-class operation with Cazoo that will transform the way people buy used cars in the UK by providing consumers with better selection, value and convenience. I can’t wait to get started.”