Cazoo, the online auto retail platform, raises £100 million despite pandemic

Cazoo, the online auto retail platform based out of the United Kingdom, only launched late last year but recently raised an additional £100 million from investors despite the current market conditions cause by the COVID-19 pandemic.

Sky News has learned that Cazoo, which was set up by the LoveFilm and Zoopla founder Alex Chesterman, has secured the new funding from an assortment of existing and new backers.

The equity-raise, which will take the total sum invested in Cazoo since Chesterman came up with the idea for the business in 2018 to £180 million, will be announced soon.

Tech sector sources said that the amount being raised by the company was "staggering" against a backdrop which has seen funds fleeing new investments as they seeks to digest the implications of the coronavirus pandemic.

The £180 million figure is said to be a record for any British start-up during its first year of trading.

DMG Ventures, the venture arm of the Daily Mail's parent company, led the latest round, which is said to have been secured at a substantial premium to earlier valuations.

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