The financing round was led by General Catalyst alongside several other prominent institutional investors.
"Over the past few months we have seen an acceleration in the shift from offline to online car buying as UK consumers have continued to embrace our unique and market-leading proposition. This latest funding demonstrates the conviction of some of the world’s best investors in both our business model and team as well as the UK market and gives Cazoo the firepower to deliver on our plans to provide the best possible car buying experience for UK consumers."
The funding round was backed by prominent family offices and angel investors including Lord Jacob Rothschild and Reuben Brothers Capital.
"We are delighted to have closed our series A funding round with support from such prominent names in the investment world. The home buying process has had little impact from technology and innovation, which has transformed our experiences in other areas of our life from shopping to food ordering. While home buying is naturally a more complex process, it can still be dramatically improved and optimised. Our e-Homebuying platform will make homebuying a simpler and more streamlined process for all parties involved, saving money and time."
The insurtech firm has raised further capital from new and existing investors to support its ongoing expansion.
"We wanted to raise more in the spring but, with lockdown restrictions pending, we had to close the round early. However, since then, the business has performed incredibly well and we are seeing opportunities for new products and new markets,"
Turquoise International backed the electric vehicle software developer through its Low Carbon Innovation Fund 2.
"Spark’s technology addresses an important barrier to EV adoption, for passenger cars as well as buses and trucks. With EVs likely to make up 30% of global car sales by 2025, accurate range prediction is essential. This investment is consistent with LCIF2’s remit to support innovative, low-carbon technologies in the UK."
