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.