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 & Research Company and Blackrock, with other new and existing investors participating. The list includes L Catterton, Durable Capital Partners, The Spruce House Partnership, Novator, Mubadala Capital and dmg ventures. It brings the total raised by the company to date …read more
Source: Tech Crunch