Carwow Revamps Expansion Plan with $ 55 Million Raise

Carwow, a London-based online car market, has raised $ 55 million (£ 41.3 million) from US company Hercules Capital.

Carwow uses venture debt funds to accelerate technology and platform development, international expansion, and user growth.

The UK company has announced that it will create 150 roles in the “Sell Your Car” division by the end of next month, in addition to a team of 350 people.

SThe ell Your Car service allows consumers to list their cars in an image and encourage dealers to bid.

Founded by Alexandra Margolis, David Santoro and James Hind, Carwow is an online marketplace that helps consumers buy new cars and sell their current cars.

In June 2021, Carwow acquired Wizzle, connecting more online car buyers with more dealers and offering the option to prioritize providing cars directly to dealers.

Prior to the acquisition, Carwow could only offer a single offer from a single provider.

Carwow states that the Sell Your Car division has grown 600% six months after its launch. It claims that overall business revenues increased by 60% in 2021.

This is the first time Carwow has received support from a US VC, following the 2019 funding round. Raise £ 25 Million..

“We are very pleased with how quickly our users and trading buyers traded. Sell ​​your car, Proving the value of a unified digital selling and buying experience, “said James Hind, Founder and CEO of Carwow.

“Our customer base size and brand reach provide an important platform for growth advantages, but this latest investment will help enhance our services and experience in all respects. . “

According to Hind, his company sold a cumulative total of £ 200 million in cars over six months through Sell Your Car, and in 2021 sold $ 4.2 billion in new cars in the UK, Germany and Spain.

“All this was achieved very quickly just by leveraging what already exists within Carwow. Our vast reach through content, great relationships with dealers, and our in-house technology. We are currently planning to use some of the additional funding for advertising. Sell ​​your car To all car owners, “Hind added.

Carwow is also testing “Sell Your Car” in Germany with a view to global expansion. It competes with Clutch, Maihaoche, AUTO2000 and so on.

Carwow Revamps Expansion Plan with $ 55 Million Raise

Source link Carwow Revamps Expansion Plan with $ 55 Million Raise

Back to top button