Cazoo, a new platform transforming the purchase of used cars, today launches with a triple announcement. In addition to launching, Cazoo announces having raised an additional €29 million of funding, consequently breaking the record for pre-launch funding at over €90 million. Funding was led by venture capital firms General Catalyst and Mubadala Capital, and will be used to both grow the team and further invest in marketing and operations.
Cazoo, founded in 2018, aims to transform the way people buy used cars in the UK by providing better selection, transparency, convenience and peace of mind. They 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. With no forecourts or sales people, Cazoo passes the savings on to its customers, effectively ‘Amazon-ing’ the used car market.
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.
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 must pass a thorough 150-point inspection and have been fully reconditioned before being sold. All cars have recent MOTs, full-service history, 7 days free insurance, 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.”