UK-based car marketplace Carwow today announced a £25 million strategic funding round, led by German car manufacturer Daimler, the parent company of the Mercedes-Benz brand. Daimler exec Axel Harries will also take a seat on the Carwow board of directors.
It's the first time the London scale-up has opened up to strategic investors, having earlier taken funding from the likes of Episode 1, Balderton Capital, Accel, Vitruvian Partners and others. The latter three also participated in this new round.
James Hind, who started Carwow as a car review aggregator business almost a decade ago along with Alexandra Margolis and David Santoro, said: "When carwow was founded, there was a view from the industry that there might be some resistance for a model that levelled the playing field for consumers and dealers. Having one of the world’s leading car manufacturers investing in the future growth and success of our business is a real proof point that this is a solution that works."
The company says its marketplace has already been used to facilitate £2 billion+ worth of car sales to date.