CAZOO, one of the UK’s most exciting new tech businesses, launches today, with the aim of delivering better selection, value, convenience and quality to used cars buyers across the UK.
Cazoo is the latest venture from Alex Chesterman, who previously founded LoveFilm and Zoopla, and is set to transform how eight million used cars are bought each year by putting the entire process online and offering home delivery, much like buying any other product today.
Cazoo also announced a further £25m of funding today, taking the total raised since being founded one year ago to more than £80m and making it one of the UK’s best funded new businesses ever.
Investors in this latest funding round include leading venture capital firms General Catalyst and Mubadala Capital and the additional funds will be used to grow the team and further invest in marketing and operations.
Cazoo has launched with over 1,500 cars in stock, ranging from family SUVs to sporty hatches, including a wide range of electric vehicles.
Cazoo owns all its cars and thoroughly reconditions each one to the highest standard at a 55-acre facility in the midlands before offering them for sale. And with no forecourts or sales people, Cazoo passes the savings on to its customers.
Buyers can inspect high-quality, 360-degree images from the comfort of their home as well as the cars’ features and history. Prices are fixed, so there is no haggling, and customers can simply and seamlessly purchase or finance a car entirely online and have it delivered directly to their door in as little as 72 hours.
Every car comes with a seven-day money-back guarantee. And if customers don’t love their car, Cazoo will collect it for free, no questions asked.
Alex Chesterman, founder and CEO of Cazoo, said: ‘Used cars are one of the last remaining consumer markets yet to benefit from any digital transformation.
‘Cazoo makes used car-buying simple and convenient like buying any other product online today.
‘We take away the need to travel, to haggle, to spend countless hours at a dealership and to risk any buyer’s remorse. With Cazoo, you can purchase or finance a used car entirely online, have it delivered to your door in as little as 72 hours and have seven days to make sure it fits your lifestyle. And if you don’t love your Cazoo car, we’ll come and collect it for free.’