Property tycoon to enter used car sector
02 December 2018
Entrepreneur Alex Chesterman, founder of property platform Zoopla, has raised more than £30 million to finance an on-line used car venture set to be launched next summer.
Cazoo aims to retail, lease and finance cars online, deliver them to a buyer’s home within 48 hour and will offer a seven-day no charge return policy too.
Chesterman says the initial cash will go towards sourcing a Midlands base and buying ‘thousands’ of cars for stock.
Cazoo is backed by seed funding from the owner of the Daily Mail newspaper, Daily Mail and General Trust (DMGT), as well as Stride Capital, Octopus Ventures, Entree Capital.
Mr Chesterman said: “I’m delighted to announce this investment in my latest venture, Cazoo, and am very excited by the opportunity to transform the used car buying experience, which suffers from poor satisfaction and convenience and is failing to meet the needs of consumers. Buying a car should be no different to buying any other product online today.”
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