October 28, 2020
car

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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