UK-based all-things-auto platform carwow has secured $55 million in new funds to further scale its 'Sell Your Car' product. The company reports that the majority of the capital will be used to further develop the technology powering the offer, ramp up international expansion plans, and acquire more users. To date, carwow, across all its offerings, has raised just over $150 million.
If the skip-the-dealership and/or online-classifieds-selling experience space wasn’t already hot enough with Cazoo and Motorway, London’s carwow just pulled out of pit lane with $55 million in the tank and is ready to join the race.
Following the acquisition of Wizzle in June of this year, carwow created and launched its ‘Sell Your Car’ service, and reports an average of 900 cars listed on the platform on a daily basis. A number like this within six months puts it on a solid trajectory to be taking a swipe at the big guns mentioned above, rather quickly.
“We’re incredibly pleased with how quickly our users and trade buyers have taken to Sell Your Car, proving the value of a unified, digital selling and buying experience,” commented founder and CEO James Hind. “The size of our customer base and reach of our brand gives us a significant platform for growth advantage but this latest investment will help supercharge our service and experience on all fronts.”
Based on strong growth in their home market, and presumably looking what the competition is doing, carwow now intends to expand its ‘Sell Your Car’ business beyond UK shores. “With great results and learnings in the UK, we’ve begun testing in Germany. Ultimately our aims are global - just like the rest of the carwow business,” said Hind.
Carwow is backed by investors including Balderton Capital, Accel, Vitruvian Partners, Episode1, and Daimler. The new $55 million was provided by Hercules Capital in the form of venture debt funding.
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