UK-based online used car marketplace Cazoo has raised £25m ($30.4m) from investors including DMG Ventures, the venture capital vehicle for media company Daily Mail and General Trust (DMGT), City AM has reported.
Venture capital fund Stride.VC also contributed to the round together with VC firms Entrée Capital and Octopus Ventures. It followed $38.3m from the same four investors in December 2018.
Founded in October 2018, Cazoo is preparing to launch an online platform where customers will be able to purchase, rent and finance used cars for delivery to their doors within 48 hours. Founder and CEO Alex Chesterman had previously founded DVD subscription service LoveFilm and real estate portal Zoopla.
The company has signed commercial deals concerning logistics, car financing and purchasing, according to EU-Startups, and the fresh capital will support its growth strategy following the launch of the service later this year.