Cazoo hopes to become an Amazon-like auto retail company and recently fund raised £25 million as the company prepares to launch this year.
Cazoo, the brainchild of Zoopla Founder Alex Chesterman, got investments from DMG Ventures, Stride VC, Octopus Ventures and Entree Capital.
The funding brings the total raised to more than £55 million. This, Cazoo claims, makes it one of the best-funded European start-ups in history.
Chesterman said the fundraising round will give Cazoo “significant firepower to fuel our growth after we launch later this year”.
The business plans to cut down the hassle of buying a used car, making it no different to buying a book online. Customers will be able to place an order and have their car show up in their driveway just 48 hours later.
Since being founded nine months ago, Cazoo has hired 100 staff, and signed several partnership agreements.
Stride VC Partner Fred Destin said: “Buying a used car is a poor consumer experience and Cazoo is reimagining it from the ground up to be delightful.
“We’re excited to be doubling down on our support for Alex and the exceptional team he has assembled as they build a transformational consumer brand and deliver the best experience for used car buyers across the UK.”
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