London-based online used-car retailer Cazoo has launched its platform in a bid to transform shopping for used cars in the UK.
The company has also received additional funding of £25m from various investors.
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Cazoo was founded a year ago by LoveFilm and Zoopla founder Alex Chesterman.
The latest funding round saw participation by venture capital firms General Catalyst and Mubadala Capital and increased the total amount of funding received to more than £80m.
The additional funds will facilitate the company’s growth and be invested in marketing and operations.
Cazoo founder and CEO Alex Chesterman 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.
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By GlobalData“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 seven 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.”
Launched with more than 1,500 cars in stock, Cazoo features cars ranging from family SUVs to electric vehicles.
Cazoo has rehabilitated all its cars at its 55-acre facility in the Midlands before taking it out for sale.
