Using big data and predictive analytics, Cazana provides automotive insights for vehicle owners and renters, analysing millions of automotive transactions daily to assess the value and risk associated with every vehicle on the road. Founded in 2013, Cazana is already used by manufacturers, finance companies, dealerships, and insurers across the globe.
The funding round is set to be led by Passion Capital, along with industry heavyweights David Hammond and Robert Diamond, along with existing Cazana customers and motoring enthusiasts also expected to take a stake.
The funding will support the global expansion of the business, and be used to develop Cazana’s growing suite of services, including the newly acquired Car & Classic website – the largest classic and specialist vehicle marketplace in Europe, with over 2 million visitors monthly. Cazana expects to reach €25 million in revenue by 2022.
Cazana also offers free online car checking and valuation services for customers, allowing them to access the real-time values of vehicles along with previously unseen history information. Their database, which covers every car on the road, also provides insights to businesses to inform their lending and pricing strategy.
“This is a time of revolution in the car industry and we’re incredibly excited about this funding round and what it means for Cazana and our customers,” said Tom Woods, CEO of Cazana. “Our acquisition of Car & Classic last year massively increased our reach and the services we provide to consumers and businesses. The classic car market is a very lucrative sector of the automotive industry, with £25.4 billion worth of classic cars transacted annually worldwide.
“With this raise, we will accelerate our plans to secure a stronger foothold in US markets and well as investing in our consumer facing platforms. It’s fantastic to have such an esteemed group of investor participating in this round and we look forward to our customers and motoring sector experts joining their ranks as part of this crowdfunding.”