Carwow raises £41m from Bessemer Venture Partners to scale European operations
Bessemer Venture Partners led the round to fund international expansion and product development.
Share allotment filed at Companies House
carwow operates an online marketplace connecting motorists with car dealers across Europe.
Carwow has secured £41m in funding led by Bessemer Venture Partners, with participation from returning backers Accel, Balderton, Episode 1 and Vitruvian. The capital will support the expansion of the Sell My Car service in the UK and its launch in Germany by 2025. Additional funds will go towards growing engineering and product teams following a period of strong revenue growth.
Launched in 2013, the platform has evolved from a review aggregator into a major digital marketplace supporting dealers and private buyers alike. The group also incorporates automotive media brands including Carbuyer and Driving Electric.
From the founder
"Over the course of the last three years, we’ve worked tirelessly to develop our car-changing proposition in the UK, giving consumers access to thousands of partners that can help them buy a new car and sell their old one. We’re excited to use this new funding to take our proposition to our existing businesses in Germany and Spain – we’ll also continue to invest in new technologies to help our partners seamlessly appraise, buy and collect cars directly from the millions that use Carwow every month."
John Veichmanis
CEO at carwow
Investor perspective
"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."
Alex Ferrara
Partner, Bessemer Venture Partners
Use of funds
- 01Expand into international markets
- 02Grow the team
- 03Continue product development
