Cazoo sees an acceleration in trading as car sales go online: Website valued at £2bn after surge in business during virus crisis
An internet marketplace for used cars has been valued at £2billion after seeing a surge in business during the coronavirus crisis.
Cazoo’s website and app let customers buy cars online and have them delivered to their home.
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The UK start-up was started two years ago by LoveFilm and Zoopla founder Alex Chesterman, 50.
Motor movers: Cazoo’s website and app let customers buy cars online and have them delivered to their home
And after people flocked to the firm’s online platform during lockdown – when many physical car dealerships were forced to shut – Cazoo is raising £240million from investors to fund a major expansion.
Chesterman said: ‘Over the past few months we have seen an acceleration in the shift from offline to online car buying.
‘This latest funding gives Cazoo the firepower to deliver on our plans to provide the best possible car buying experience for UK consumers.’
The fundraising puts the company’s worth at about £2billion overall, more than double its previous valuation.
Among the investors are Daily Mail & General Trust – the Daily Mail’s parent company – which owns a 22 per cent stake in the firm.
A spokesman for DMGT said ‘Cazoo has created significant value for DMGT since it launched its services to customers in December 2019 and DMGT remains a supportive investor.’