Chesterman Raises Another £25m For Cazoo

Cazoo, the used car retailing website being set up by Zoopla and Lovefilm founder Alex Chesterman, has raised another £25m funding.

The latest funding round was led by existing investors including dmg ventures, Stride.VC, Octopus Ventures and Entrée Capital and will be used to grow the team and invest in marketing operations reports say.

Alex Chesterman founder and CEO said: “We are delighted to have closed this further funding round, giving us significant firepower to fuel our growth after we launch later this year. We are assembling a world class team and looking forward to transforming the used car market by delivering UK consumers the best car buying experience in terms of selection, value, quality and convenience.”

Cazoo been a long time in planning, but it now has a website and a marketing slogan – ‘Search. Drive. Smile.’ The venture has now been funded to the tune of around £55m in total and has recruited a team of highly experienced motor trade and marketing experts as well as Chesterman himself. While there is no launch date as yet Cazoo is sure to be one of the most exciting new digital start-ups for many years.

Source EU Startups
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