The founder behind the real estate website Zoopla has recently raised over £30 million for his next company which has a goal of changing the UK's used car market.
Alex Chesterman, who made a windfall selling Lovefilm, the video rental company he co-founded, to retail giant Amazon seven years ago, is to launch Cazoo, a car buying and rental website.
Through the Cazoo platform customers will be able to buy, finance or rent a used car online and have it delivered it their door within 48 hours.
Mr Chesterman has set his sights on the car industry following ventures in film and property.
In 2003, he launched DVD rental company ScreenSelect, which later became Lovefilm and was offloaded to Amazon for £200 million in 2011.
In 2008, he founded property platform Zoopla, which floated in 2014 and was recently sold for more than £2.2 billion to US private equity fund Silver Lake.
Cazoo is backed by seed funding from the owner of the Daily Mail newspaper, Daily Mail and General Trust (DMGT), as well as Stride Capital, Octopus Ventures, Entree Capital and others.
Mr Chesterman said: “I’m delighted to announce this investment in my latest venture, Cazoo, and am very excited by the opportunity to transform the used car buying experience, which suffers from poor satisfaction and convenience and is failing to meet the needs of consumers.
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