UK technology business Cazoo has raised £100m in additional funding as the company aims to improve online operations.
The financing round was led by DMG Ventures with participation from other investors, including General Catalyst, CNP (Groupe Frère), Mubadala Capital, Octopus Ventures, Eight Roads Ventures and Stride.VC.
The company has planned to invest the funding to accelerate the UK’s shift to online car buying.
Cazoo founder and CEO Alex Chesterman said: “It’s clear that UK consumers are ready to buy cars online in a convenient, hassle-free way. Cars are an important form of transport for many in our society, whether conducting deliveries or getting to essential jobs and we want to ensure that those who need one can continue to get one.
“This new round of funding is a strong signal from investors of the scale of the opportunity. Our mission is to deliver the best experience for car buyers across the UK by delivering better selection, value, convenience and quality. That mission is now also focussed on keeping consumers safe by not having to leave their homes to buy a car.
“We are also looking at how Cazoo can help other organisations move essential supplies around the country via our fleet of car transporters in these difficult times.”
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Cazoo has raised more than £180m since being founded in 2018 and has already sold thousands of cars.