Cazoo, the used-car sales portal, raises another $116M

The coronavirus pandemic which put a pause on a lot of in-person sales and transactions for goods and services greatly affected the UK company, Cazoo.

In other to cushion the blow caused by the lockdown of activities, Cazoo which has been building a portal for the implementation of car sales in the virtual world announced a large fundraiser. 

The startup is modeled on the Vroom/Beepi-type model that specializes in the purchase of used cars, and further sales of the cars online alongside their deliveries to your doorstep.

Cazoo announced that $116M (£100M) has been raised and it plans to use the funds to expand the business. The total money the company has raised since its inception 18 months ago is £180M. 

Alex Chesterman, founder, and CEO of Cazoo, in a statement, said that “It is clear that UK consumers are ready to buy cars online in a convenient and hassle-free way”. 

He further stated that cars are a very important means of transportation in many of our society, whether in the implementation of deliveries of getting to workplaces and the company wants to ensure that there are cars available for those who need one. 

He continued that Cazoo’s mission is to deliver the best experience for car buyers across the UK and this will be achieved by delivering better selection, value, convenience, and quality.

The mission is now also determined to keep consumers safe by not having to step out of their homes to buy a car. 

He finally said that Cazoo is looking at how to help offer organizations transport essential supplies around the country in these difficult times via the fleet of car transporters available in the company.

Cazoo has not exactly revealed its valuation yet, except informing us that it is a significant uplift to their previous rounds.

PitchBook reports that as of September 2019, the company’s valuation was about $220M, which will put its valuation now at about $336M or even more, on a basic straight curve.

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