Today Cazoo, which is transforming the way we buy used cars, has today joined the exclusive list of companies known as unicorns, with valuations in excess of $1 billion. Founded 18 months ago by serial entrepreneur Alex Chesterman and having launched only 6 months ago, Cazoo is now the fastest British business ever to have reached the rare and coveted unicorn status.
Cazoo, founded in 2018, makes buying a car no different than buying any other product online today, where consumers can purchase a used car entirely online and have it delivered to their door in as little as 72 hours. Cazoo has quickly become the country’s leading online car retailer and already delivered thousands of cars all across the UK as buyers embrace the online convenience, free delivery and 7-day money back guarantee.
This latest approx. €27.6 million funding round sees new investor Draper Esprit join existing investors including DMG Ventures and General Catalyst and takes the total raised by the online car retailer to over approx. €221 million, making it one of the UK’s most-funded startups. The company also recently announced that it would be the new shirt sponsor of Premier League football Club, Everton from the start of next season.
Cazoo owns and fully re-conditions all its cars before offering them for sale and delivering them to customers’ doors in a convenient two-hour delivery slot. Buyers can transact fully online including getting instant financing as well as getting an instant offer for any part exchange. Every Cazoo car also comes with a free comprehensive 90-day warranty and roadside assistance.
Alex Chesterman OBE, founder and CEO of Cazoo said: “We have an amazing team who are dedicated to reinventing the used car buying experience by providing the best selection, value, quality, and convenience for UK car buyers. Despite the current challenges many businesses are facing, Britain remains a market leader for talent and innovation and a great place to start a business.”