Cazoo, the UK’s fastest growing digital business 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 $1bn.
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 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 £25m 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 £200m, making it one of the UK’s best-funded start-ups ever.
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.
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