London-based used cars seller Cazoo has raised €263 M in a fresh funding round held in October 2020. The round was led by General Catalyst, D1 Capital Partners, Fidelity Management & Research Company, BlackRock along with participation from dmg ventures, L Catterton, Durable Capital Partners, The Spruce House Partnership, Novator, Mubadala Capital.
Cazoo was founded by Alex Chesterman and launched in 2019. It offers an online used cars marketplace with the aim of transforming the way people buy, sell, or rent used cars.
The Cazoo platform permits customers to buy used cars online and have it delivered to their door. It also provides a free 90-day warranty and roadside aid, thus giving customers the benefit of online convenience, free delivery, and a 7-day money-back guarantee. The unicorn has already achieved profits of almost €110 M since its launch less than a year ago. It owns and fully services all its cars prior to offering them for sale on its website. Thousands of cars are present in its stock at any time, all stored centrally in the Midlands. The cars are available for either home delivery anywhere in the UK or from a collection from one of its Cazoo Customer Centres in as little as 3 days.
CEO Alex Chesterman said that over the past few months they have witnessed a rapid shift from offline to online car buying which implies that UK consumers have welcomed Cazoo’s exceptional and market-leading scheme. This latest funding validates the faith of some of the world’s best investors in both the startup’s business model and the team as well as the UK market. It also provides them the kickstart to deliver on its strategies to give the best imaginable car buying experience for UK consumers.
At the beginning of 2020, Cazoo was declared as the UK’s fastest business ever to have acquired the sought-after unicorn status.
The startup has to date raised a total of €494 M from multiple investors including:
General Catalyst
General Catalyst is a US-based venture capital firm that makes early-stage and growth equity investments. To date, the firm has managed eight venture capital funds totaling approximately US$ 3.75B in capital investments.
Fidelity Management & Research Company
Fidelity Management & Research Company is a US-based privately owned investment manager. Its goal is to make financial know-how broadly accessible and effective in helping people in every aspect of their lives, from investing their life savings, to businesses managing their employee benefits to advisors requiring technology to invest their clients’ money.
D1 Capital Partners
D1 Capital Partners is a US-based investment firm led by Daniel Saul Sundheim.
BlackRock
BlackRock is a US-based investment company that provides services to institutions, mediators, foundations, and individual investors. The company strives to give its clients the best head start on what to do with their money and the products and services they need to secure a better financial future.
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