UK-based automotive e-commerce startup Cazoo has received more than £30m ($38.3m) of seed funding from investors including DMG Ventures, the investment vehicle for media company Daily Mail and General Trust.
Venture capital fund Stride.VC and VC firms Octopus Ventures and Entrée Capital also participated in the round.
Founded in October 2018, Cazoo aims to introduce an online platform for used car purchases, rental and financing that will enable customers to arrange for home delivery of their chosen vehicle. The seed capital will go to bolstering Cazoo’s headcount, platform, brand and operations.
Paul Zwillenberg, CEO of DMGT, said: “We are delighted to back [founder and CEO Alex Chesterman] again in his new venture.
“He has an unparalleled track record of identifying and capitalising on opportunities for technology to disrupt whole industries, delivering tremendous value for consumers and shareholders alike.”