Mubadala leads $32 million funding in London-based Cazoo
Source: EU-startups
Cazoo, a new platform transforming the purchase of used cars, today launches with a triple announcement. In addition to launching, Cazoo announces having raised an additional €29 million of funding, consequently breaking the record for pre-launch funding at over €90 million. Funding was led by venture capital firms General Catalyst and Mubadala Capital, and will be used to both grow the team and further invest in marketing and operations.
Cazoo, founded in 2018, aims to transform the way people buy used cars in the UK by providing better selection, transparency, convenience and peace of mind. They aim to make car buying no different than buying any other product online today, where consumers can simply and seamlessly purchase a used car entirely online and have it delivered to their door in as little as 72 hours. With no forecourts or sales people, Cazoo passes the savings on to its customers, effectively ‘Amazon-ing’ the used car market.
Cazoo is the latest venture from Alex Chesterman, who previously founded LoveFilm and Zoopla, and is set to transform how 8 million used cars are bought each year by putting the entire process online and offering home delivery, much like buying any other product today.
