Following on from the announcement in August that Mercedes-Benz owner, Daimler, was leading a £25m funding round in order to further grow potential for the business and consolidate the firm’s ambitions as a scale-up success story, the crowdfunding initiative will be launched at the end of September.
To date, the business has raised £55 million from leading venture capital investors including Accel, Balderton, Episode 1 and Vitruvian and it said in a statement issued recently that its new funding streams would help to “deepen its presence in Europe by investing in talent, product development, and marketing”.
Carwow Founder and Chief Executive, James Hind, said: “Following the recent announcement of Daimler leading our latest round, we had a number of partner dealers asking us if they could invest too, so we decided why not open up investment to them and to our customers.
“They are at the heart of our business, so we are excited to be able to offer them the opportunity of a piece of carwow.”
Carwow’s crowdfunding initiative will see it offer its customers and partners a unique opportunity to own a stake in the business at the same valuation as the recent Daimler-lead investment round.
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