UK’s used car platform Cazoo is all bang on in 2021 and looks to be on an aggressive acquisition spree. Just a couple of weeks ago, the tech media was buzzing with the news about their acquisition of England’s independent vehicle reconditioning and storage specialists Smart Fleet Solutions. And now the news is in, the British unicorn has acquired Germany’s ‘Netflix of car subscriptions’ — Cluno.
While the amount of acquisition has not been disclosed, Numis Securities Limited acted as Sole Financial Adviser to Cazoo in the deal. Founded in 2017, Cluno has grown to a team of over 100 based in Munich. Cluno offers a flexible and hassle-free alternative to car ownership, offering a choice of up to 100 makes and models, with a single monthly subscription fee which includes the car, maintenance, service, warranty, tax and insurance.
The deal combines Cazoo’s platform and funding with Cluno’s expertise and automotive relationships and, once integrated, will enable Cazoo to launch its full proposition in Germany and across Europe giving customers the option of purchasing, financing or subscribing to thousands of cars on its platform.
Alex Chesterman OBE, Founder & CEO of Cazoo said: “Cluno has built a market-leading offering in the car subscription market in Germany with thousands of loyal customers, and we are delighted to welcome Nico and his team to the Cazoo family. We will be launching the full Cazoo proposition in Europe later this year from our new European headquarters in Munich, and we look forward to offering customers the option of purchasing, financing or subscribing to thousands of Cazoo cars.”
Nico Polleti, Founder & CEO of Cluno said, “I am very proud of what we have created at Cluno in terms of both the customer experience and the team. The vision and strategy that Alex and his team have for developing the Cazoo brand and platform is totally aligned with ours and we are looking forward to joining forces and accelerating the digital transformation of the car buying experience across Europe.”
Why Cazoo acquired Cluno?
Having recently acquired Drover, the UK’s leading car subscription business, this deal cements Cazoo’s position as the prime player in the fast-growing Cars-as-a-Service (CaaS) market in Europe with thousands of active subscribers across the UK, Germany and France.
Cazoo, already one of the fastest-growing businesses in Europe, plans to launch its UK subscription service in the coming months and Cluno will now form the launchpad of Cazoo’s international expansion plans as part of its mission to transform the car buying experience in the UK and Europe.
Cazoo owns and fully reconditions all its cars before offering them on its website. Cazoo has thousands of cars available at any time for either delivery or collection in as little as 72 hours. Every Cazoo car comes with a full 7-day money-back guarantee and a comprehensive 90-day warranty.
Established by Alex Chesterman in 2018, Cazoo owns and reconditions all its cars before listing them on its website. There are thousands of cars available at any time for either delivery or collection in just 72 hours. Every Cazoo car comes with a 7-day money back guarantee and a comprehensive 90-day warranty as well.
Being a tech unicorn in the UK, Cazoo pioneers the shift to online car buying. Since its debut in 2018, it has already delivered nearly 20,000 cars to consumers all over the UK. As far as the investments are concerned, the UK tech company has secured a total £455 million funding so far.