Cazoo, the used-car sales platform, has reached ‘unicorn’ status after raising a little over $31 million (£25 million) at a $1 billion+ valuation to spur growth. Cazoo closed a £100 million round earlier this year, and this round brings its total raised to £200 million in a short time.
In fact, the company was founded only 18 months ago by serial entrepreneur Alex Chesterman (LoveFilm, Zoopla). Draper Esprit is now joining the company as a new investor, alongside DMG Ventures and General Catalyst.
Cazoo is trying to make buying a car online as easy as, say, a smartphone, helping buyers get their vehicles in front of their doors in as little as 72 hours. The startup says it has already delivered thousands of cars all across the UK.
Says Chesterman: “We have an amazing team who are dedicated to reinventing the used car buying experience by providing the best selection, value, quality, and convenience for UK car buyers. Despite the current challenges many businesses are facing, Britain remains a market leader for talent and innovation and a great place to start a business.”
Some of the fresh cash will be used to make Cazoo the new shirt sponsor of Premier League football club Everton from the start of next season.