Taylor Wessing has advised Cazoo, one of the UK’s leading new tech businesses, on its latest £100 million funding round.
Launched in December, Cazoo is the latest venture from Alex Chesterman, who previously founded Zoopla and LoveFilm.
Cazoo, which generated over £20m in revenues in its first three months, has raised a total of over £180m – a record for any UK start-up in its first year of operation. This latest funding round was led by DMG Ventures alongside other investors including General Catalyst, CNP (Groupe Frère), Mubadala Capital, Octopus Ventures, Eight Roads Ventures and Stride.VC. The new funds will be used to accelerate the shift to online car buying, fundamentally transforming the consumer experience.
Commenting on the transaction, Angus Miln, Partner and Head of the Corporate Technology team, said: “It’s been a privilege to work with Alex and Ned again on another successful financing. Cazoo is an organisation that will disrupt and revolutionise the market in which it operates, in the same way that we do. Its mission to create a used cars marketplace which offers a step-change in selection, value, quality and convenience to buyers is already resonating in the UK market. We look forward to supporting the company as it continues its exponential growth.”
Alex Chesterman, Founder & CEO of Cazoo added: ““It’s clear that UK consumers are ready to buy cars online in a convenient, hassle-free way. This new round of funding is a strong signal from investors of the scale of the opportunity. Angus and Sam did an outstanding job helping us to close this fundraising in an expedited timeframe. We are delighted with the result. We look forward to continuing our successful relationship with the firm.”
The Taylor Wessing team was led by Angus Miln with support from corporate associate Sam Holdsworth. IP advice was provided by senior counsel Chris Benson.