Cazoo, the UK platform for online car sales, has raised £100 million in a round led by DMG Ventures alongside other investors including General Catalyst, CNP (Groupe Frère), Mubadala Capital, Octopus Ventures, Eight Roads Ventures and Stride.VC.
Cazoo owns and fully reconditions all its cars before offering them for sale on the marketplace, then delivering them to the buyer’s door. Before purchase, buyers have the option of financing and part exchange.
To date the startup has raised a total of £180 million, including a seed round in December 2018. However the platform just launched three months ago. According to a press release, Cazoo has generated over £20 million in revenue in thest first three months.
“With almost 8 million used car transactions a year in the UK, there is a clear opportunity to provide a more convenient way to buy a car and shift part of the market online,” said Manuel Lopo de Carvalho of DMG Ventures.