Cazoo raises over £30m in pre-seed funding led by DMG Ventures to launch digital car platform
The pre-seed investment was led by DMG Ventures with participation from Stride Capital, Octopus Ventures and Entree Capital to fund team expansion and operational growth.
Cazoo operates an online platform for buying used cars with home delivery and collection options. The business acquires and reconditions vehicles for digital sale across the UK.
Cazoo has raised over £30m in pre-seed funding to launch its online used car marketplace in the UK. The investment round was led by DMG Ventures, with participation from Stride Capital, Octopus Ventures and Entree Capital.
Founder Alex Chesterman, previously known for building Lovefilm and Zoopla, aims to apply digital transformation to the £50bn annual British used car market. The newly secured capital will support the expansion of the company team, platform, brand and operations.
The backing brings together several prominent venture capital firms to support the launch of the new digital car retailer over the coming months.
From the founder
"I’m delighted to announce this investment in my latest venture, Cazoo, and am very excited by the opportunity to transform the used car buying experience, which suffers from poor satisfaction and convenience and is failing to meet the needs of consumers. Buying a car should be no different to buying any other product online today."
Alex Chesterman
Founder at Cazoo
Investor perspective
"We are delighted to back Alex again in his new venture. He has an unparalleled track record of identifying and capitalising on opportunities for technology to disrupt whole industries, delivering tremendous value for consumers and shareholders alike. The UK used car market is worth over £50bn pa and is yet to enjoy the benefits of digital transformation that Cazoo will deliver."
Paul Zwillenberg
CEO of DMGT, DMG Ventures
Use of funds
- 01Grow the team
- 02Continue product development
- 03Scale operations
