Cazoo reaches unicorn status
Cazoo is now valued at over $1 billion. Founded in 2018, Cazoo (a team of ~195 employees) is a used-cars marketplace allowing a user to buy a car and have it delivered to their door in as little as 72 hours.
Its latest £25 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 £200 million. In addition, the company 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 reconditions 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.
“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.” – Alex Chesterman OBE, Founder & CEO of Cazoo.