Carwow scores £12.5m in Series B funding

carwow founders

Car comparison website Carwow has raised £12.5m in Series B funding led by early and growth-stage venture capital firm Accel.

The funding round, which follows a $7.2m Series A round in December last year, also drew support from Balderton Capital, Samos Investments and Episodes 1 Ventures.

Officially launched in February 2014 following a $2m seed round, the London-based company sets out to ease the car purchasing experience for consumers and says it will use the funds to fuel additional growth and improve the service it offers to users.

James Hind, CEO at Carwow, said: “We’re excited to roll out our service even further on the back of strong growth in 2015. A new car is an important purchase, typically a person’s biggest after their home … This new funding round gives us the firepower we need to change the way the UK buys cars.”

Speaking about his firm’s investment in the company, Rob Moffat, partner at Balderton Capital, said: “The company has grown more than 1o times, and has built a great operation since Balderton first invested two years ago … We believe that carwow is in a position to lead the evolution of the car retail experience over the coming years.”

The company, which claims to have sold over £400m worth of cars through its platform, also announced that Fred Destin, a partner at Accel, will be joining its board.