carwow raises $7.2m for easy car comparison
Less than a year after launch and raising a $2m seed round, car comparison startup carwow has raised a $7.2m Series A round.
The London-based startup lets users compare cars from multiple dealers simultaneously when purchasing a car.
The investment comes from Balderton Capital, Episode 1 Ventures and Samos Investments, all of whom participated in the seed round earlier this year.
carwow’s rapid growth
The service was launched in February 2014 after its three cofounders lamented a lack of suitable comparison services for non-car enthusiasts.
In the hope of making car buying smoother and less stressful, carwow lets users search for cars on sale from dealers and easily compare them. The price and contact details are all available through the platform and users can directly contact their chosen dealer to buy a vehicle.
The website features cars ranging from £10,000 to over £100,000 and the average carwow user spends £25,000.
Advertising and new markets
For carwow, this year has been about getting its product live and getting traction in the market. This most recent investment will be used to really accelerator the startup’s growth.
“This latest round will be used to expand the team further, roll out above-the-line advertising campaigns and start exploring new markets,” explains CEO James Hind.
Rob Moffat of Balderton Capital celebrated the company’s “huge progress over the course of 2014” and said that he believes that the service can become the default option for car buyers.