Fintex Capital provided an asset-backed facility of up to £10m as part of the first close.
"The Fintex investment allows us to accelerate our growth, while ensuring rider safety and maintaining responsible operations. We are also excited to widen access to our scheme and diversify our fleet by introducing three new e-bike types. We remain committed to long-term partnerships with cities and public transport providers to realise our vision of affordable, sustainable mobility for all, and with this financing, we are making excellent progress towards that goal."
Frontline Ventures led the seed round with participation from Techstart Ventures to support team growth and American expansion.
"For the super-large enterprises moving product all over the globe, transport procurement and management is a major expense both financially and in terms of time. Teams are often individually managing hundreds of carrier relationships, it truly has become an impossible task to do well. Third-party logistic (3PL) companies are inefficient and fail at promoting crucial strategic partnerships between shippers and their carriers. It’s a challenge in need of a solution, and today’s funding announcement is the next major step for us to be able to provide that solution."
Bessemer Venture Partners led the round to fund international expansion and product development.
"Carwow’s consumer proposition is just as exciting, which is helping make car changing simpler for consumers across Europe – and with over 9 million car changes a year alone in the UK, we’re looking forward to supporting the Management team in growing the business and delivering on its true potential. Carwow’s focus on using its content expertise and footprint to drive its commerce services through dealer partnerships makes it unique and compelling in the category."
The funding round was backed by Barclays Sustainable Impact Capital, Mercia Ventures, the Midlands Engine Investment Fund, and Green Angel Syndicate to fuel expansion.
"The transition to net zero emission for many sectors is not as simple as swapping from high-emitting fuels to renewables, and this is particularly true of the logistics industry. Zedify have identified that hyper-local delivery models are needed, in combination with low-carbon transport, in order to decarbonise the industry, reducing pollution within the UK’s cities."
