Cazoo secures £240m Series D funding led by General Catalyst and D1 Capital Partners
The financing round was led by General Catalyst alongside several other prominent institutional investors.
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 £240m in a Series D funding round led by General Catalyst, D1 Capital Partners, Fidelity Management & Research Company, and Blackrock. The capital injection comes alongside participation from other new and existing backers including L Catterton, Durable Capital Partners, The Spruce House Partnership, Novator, Mubadala Capital, and dmg ventures. The financing follows rapid initial growth since the company launched its digital car retail platform less than a year prior.
Since its inception, the company has recorded revenues exceeding £100m and achieved unicorn status earlier in the year. The platform allows customers to select from thousands of reconditioned vehicles stored centrally in the Midlands for home delivery or collection within 72 hours, backed by a return guarantee and warranty.
From the founder
"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."
Alex Chesterman
Founder at Cazoo
Investor perspective
"I have known Alex for seventeen years since our days building LoveFilm. He has made a career out of identifying large consumer markets where technology can drive change and then leading that transformation by focusing on the customer and delivering value, convenience and a trusted service. With Cazoo, Alex is taking his proven playbook to perhaps his largest opportunity yet for the benefit of used car buyers across the UK."
Adam Valkin
Managing Director, General Catalyst
Investors
Adam Valkin
General Catalyst
D1 Capital Partners
Fidelity Management & Research Company
Blackrock
L Catterton
Durable Capital Partners
The Spruce House Partnership
Novator
Mubadala Capital
dmg ventures