10:19 am, September 29, 2025
Carwow losses grew to £20m in 2024 after a year of continued expansion and acquisitions.
The automotive marketplace and publisher saw revenues leap 55% to £85.1m from £54.8m the year before.
However, despite the jump in revenue, losses increased 21% from a £16.5m loss in 2023 to £20m in 2024 before tax.
Carwow says these results reflect ‘deliberate investment in product, engineering and international expansion on completion of a new funding round’.
Full accounts for the business – shared with Car Dealer Magazine ahead of their official filing – also show it splashed out £14.3m on the Autovia media business during the year which saw it acquire Auto Express, Evo and a number of other brands.
Carwow raised $52m during 2024 with a funding round led by Bessemer Venture Partners, with participation from existing backers Accel, Balderton, Episode 1 and Vitruvian. So far, Carwow has raised $202m.
Carwow’s CEO John Veichmanis told Car Dealer that he was proud of the investment from US private equity which is ‘some good news’ for UK tech in a ‘fairly challenging environment’.
He added: ‘2024 was another phenomenal milestone year for Carwow. Our integration of Auto Express and other leading content brands has created a unique ecosystem where trusted media and seamless car changing come together.
‘Our scale is unparalleled, from the millions consuming our content to the hundreds of thousands changing their cars through our platform.
‘Our performance reflects an automotive tech success story, with Carwow delivering sustained, multi-year growth across the UK and Europe.’
He added that the accounts represented ‘really solid top line growth with losses broadly inline with last year’.
Carwow saw its success boosted extensively by its auction platform which has now sold more than 75,000 cars in 2024 and generated £1.1bn in gross revenue (the total value of cars sold).
Its marketplace is by far and away the biggest driver of revenue for the group, bringing in £58.9m in 2024 with content adding £26.1m.
The UK accounts for £64.7m of revenue while the rest of Europe brings in £20m.
Carwow also bought Gridserve Car Leasing Ltd during the year which has been rebranded to Carwow Leasey Limited. It paid around £150,000 for the business.
The number of staff working for Carwow also grew in 2024 from 338 to 509.
The firm said its websites pulled in 115m unique user visits in 2024, alongside more than 1bn YouTube views across its network – making it one of the world’s largest automotive video publishers.
And it pointed out it invested ‘heavily’ in technology and brand integration in 2024, capitalising £10m of intangible assets, including the Auto Express and Evo brands.
