VCs in £25m round for Cazoo at valuation of $1bn

Draper Esprit is among Cazoo's newest investors, alongside existing backers General Catalyst and DMG Ventures (the venture arm of Daily Mail and General Trust), who are also participating in the latest funding round, according to a report by Sky News.

Draper Esprit is currently investing from its venture fund, which closed on £176m in May 2018.

Previous funding
Investors including Octopus Ventures, Entree Capital and Stride.VC backed a £30m seed round for Cazoo in December 2018.

In September 2019, DMG and investors including those from the previous round backed a £25m round for the company.

General Catalyst and Mubadala Capital invested £25m in Cazoo in December 2019, following which the company launched its online platform. Cazoo has raised £180m in total since its foundation in 2018.

DMG led a £100m round for Cazoo in March 2020. Other investors participating in the round included General Catalyst, CNP, Mubadala, Octopus Ventures, Eight Roads Ventures and Stride.VC.

Company
Founded in 2018, Cazoo is an online marketplace that allows users to buy and finance the purchase of cars in the UK. Customers receive a seven-day money-back guarantee, as well as a 90-day warranty and roadside assistance. The company also delivers the purchased car to the buyer. Cazoo said in a statement that it has adapted its delivery process to ensure compliance with the UK government's advice on social distancing due to the coronavirus outbreak.

Since launching in December 2019, the company has generated £20m in revenues. It is based in London and has 163 employees, according to LinkedIn.

People
Cazoo – Alex Chesterman (CEO).

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