January 19, 2021

UK start-up Cazoo doubles valuation to $2.6 billion as car sales shift online amid pandemic

  • Founded in 2018 by Zoopla creator Alex Chesterman, Cazoo aims to fill an eBay-shaped gap in the automotive industry.
  • It’s now worth more than twice the $1 billion it was valued at in June, and has raised a total of £450 million to date.
  • Chesterman says there’s been an “acceleration” in the shift from offline to online car sales amid the Covid-19 pandemic.

a man standing in front of a car: Cazoo founder and CEO Alex Chesterman.

© Provided by CNBC
Cazoo founder and CEO Alex Chesterman.

LONDON — Cazoo, a U.K.-based online marketplace for buying used cars, has seen its valuation double to £2 billion ($2.6 billion) after raising £240 million in a bumper round of funding.


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Founded in 2018 by Alex Chesterman, creator of British property site Zoopla, Cazoo aims to fill an eBay-shaped gap in the automotive industry. Online sales still account for a tiny slice of the overall market globally.

The company only launched its e-commerce platform for

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Cazoo, the UK used car sales portal, raises another $311M, now valued at over $2B

A lot of people are opting to use cars instead of taking public transportation in the UK at the moment, as a way of ensuring more social distancing, and today one of the startups that’s built a more efficient way of selling and buying cars is announcing a big round of funding. Cazoo, which provides an app-based way to browse and buy used cars (it’s modeled on the likes of Vroom in the US), has picked up £240 million ($311 million).

The funding comes only six months after the company raised $116 million. Cazoo is now valued at over $2 billion, double its previous valuation a year ago, it confirmed. (For some context, the company had never confirmed its valuation prior to now and it was estimated at a much lower amount.)

This latest funding is being led by General Catalyst, D1 Capital Partners and funds managed by Fidelity Management

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