Cazoo, a British startup launched by Zoopla's founder Alex Chesterman, has raised a seed round of more than £30 million from Stride.VC, dmg ventures, and Octopus Ventures. The online platform will allow customers to buy, rent, or finance a used car and have it delivered to them within 48 hours. It will also offer free returns within seven days of delivery.
The new platform targets the used car market in the UK, which it estimates at £50 billion per year.
“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,” Chesterman said. “Buying a car should be no different to buying any other product online today.”
In the photo: Alex Chesterman, founder of Cazoo and Zoopla | Image credit: Zoopla / PA