General Catalyst et al. in £240m round for $2bn+ Cazoo

Katharine Hidalgo
02 October 2020

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General Catalyst and other existing investors have contributed to a ТЃ240m funding round in car marketplace Cazoo.

The company's valuation has more than doubled since its funding round earlier in 2020, when it was valued at $1bn; the round was also oversubscribed, according to a statement.

The investors were led by General Catalyst, D1 Capital Partners, Blackrock and funds managed by Fidelity Management & Research Company, alongside other new and existing investors including L Catterton, Durable Capital Partners, The Spruce House Partnership, Novator, Mubadala Capital and DMG Ventures (the venture arm of Daily Mail and General Trust), among others.

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 invested £25m in Cazoo in December 2019, following which the company launched its online platform. Cazoo had raised £180m in total by that point.

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.

In June 2020, Draper Esprit invested in a £25m funding round, alongside existing backers General Catalyst and DMG.

Company
Based in London and founded in 2018, the company offers an online marketplace for used cars. Cazoo owns and fully reconditions all its cars before offering them for sale exclusively on its website. It lists thousands of cars in stock at any time, all stored centrally in the Midlands and available for either home delivery anywhere in the UK or collection from one of its Cazoo Customer Centres within 72 hours. The company has generated £100m in revenues to date in 2020, according to a statement.

People
General Catalyst – Adam Valkin (managing director).
D1 Capital – Dan Sundheim (founder).

Advisers
Company – Goldman Sachs (corporate finance); Numis (corporate finance).