Cazoo launches with £25m funding round

Used car company Cazoo has launched today to deliver better selection, value, convenience and quality to used cars buyers across the UK.

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.

Cazoo has announced a further £25m of funding today, taking the total raised since being founded one year ago to over £80m and making it one of the UK’s best funded new businesses ever.

Investors in this latest funding round include leading venture capital firms General Catalyst and Mubadala Capital and the additional funds will be used to grow the team and further invest in marketing and operations.

Cazoo has launched with over 1,500 cars in stock, ranging from family SUVs to sporty hatches, including a wide range of electric vehicles. Cazoo owns all its cars and thoroughly reconditions each one to the highest standard at its 55 acre facility in the Midlands before offering them for sale.

Alex Chesterman, Founder & CEO of Cazoo said: “Used cars are one of the last remaining consumer markets yet to benefit from any digital transformation. Cazoo makes used car buying simple and convenient like buying any other product online today. We take away the need to travel, to haggle, to spend countless hours at a dealership and to risk any buyer’s remorse.

“With Cazoo, you can purchase or finance a used car entirely online, have it delivered to your door in as little as 72 hours and have 7 days to make sure it fits your lifestyle. And if you don’t love your Cazoo car, we’ll come and collect it for free.”