2 December 2019
Cazoo launches and sets record for pre-launch funding of over £80m
Cazoo (www.cazoo.co.uk), one of the UK’s most exciting new tech businesses, has launched today delivering better selection, value, convenience and quality to used cars buyers across the UK. Cazoo, is the latest venture from Alex Chesterman, who previously founded LoveFilm and Zoopla, and is set to transform how 8 million used cars are bought each year by putting the entire process online and offering home delivery, much like buying any other product today.
Cazoo also announced a further £25m of funding today, taking the total raised since being founded one year ago to over £80m and making it one of the UK’s best funded new businesses ever. Investors in this latest funding round include leading venture capital firms General Catalyst and Mubadala Capital and the additional funds will be used to grow the team and further invest in marketing and operations.
Cazoo has launched with over 1,500 cars in stock, ranging from family SUVs to sporty hatches, including a wide range of electric vehicles. Cazoo owns all its cars and thoroughly reconditions each one to the highest standard at its 55 acre facility in the Midlands before offering them for sale. And with no forecourts or sales people, Cazoo passes the savings on to its customers, effectively ‘Amazon-ing’ the used car market.
Buyers can inspect high quality, 360-degree images from the comfort of their home as well as the cars features and history. Prices are fixed, so there is no haggling and customers can simply and seamlessly purchase or finance a car entirely online and have it delivered directly to their door in as little as 72 hours. Every car comes with a 7-day money-back guarantee, destined to replace the traditional 7-minute test-drive around the block. And if customers don’t love their car, Cazoo will collect it for free, no questions asked.
Cazoo cars come with total peace of mind having passed a thorough 150-point inspection and been fully reconditioned before being sold. All cars have recent MOTs and full-service history and each Cazoo car also comes with 7 days free insurance and a free comprehensive 90-day warranty and RAC roadside assistance. Cazoo offers all standard forms of car financing as well as collecting any part exchanges at the time of delivery for added convenience.
Alex Chesterman, Founder & CEO of Cazoo said: “Used cars are one of the last remaining consumer markets yet to benefit from any digital transformation. Cazoo makes used car buying simple and convenient like buying any other product online today. We take away the need to travel, to haggle, to spend countless hours at a dealership and to risk any buyer’s remorse. With Cazoo, you can purchase or finance a used car entirely online, have it delivered to your door in as little as 72 hours and have 7 days to make sure it fits your lifestyle. And if you don’t love your Cazoo car, we’ll come and collect it for free.”
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Our mission is to transform the way people buy used cars in the UK by providing better selection, transparency, convenience and peace of mind. We aim to make car buying no different than buying any other product online today, where consumers can simply and seamlessly purchase a used car entirely online and have it delivered to their door in as little as 72 hours. Cazoo was founded in 2018 and has a highly experienced management team, led by Founder & CEO, Alex Chesterman OBE.