CARWOW has announced a strategic funding round of £25 million to accelerate growth, with Daimler AG as lead investor. Existing investors including Balderton Capital, Accel, and Vitruvian Partners have all committed to reinvest.
The capital raised from the strategic funding round will unlock further growth for carwow, the online platform which allows customers to compare and buy new and nearly-new cars as well as provide leads for leasing brokers.
More than £5 billion worth of cars have been bought through the carwow platform since the company’s launch. The company looks to inform customers through quality content and reviews, pricing transparency, and ratings across a network of approved dealerships nationwide. One in every 20 new retail cars in the UK is sold via carwow claims the online portal.
James Hind, founder of carwow, said: “When carwow was founded, there was a view from the industry that there might be some resistance for a model that levelled the playing field for consumers and dealers; having one of the world’s leading car manufacturers investing in the future growth and success of our business is a real proof point that this is a solution that works.
“This demonstrates that the industry perspective is shifting to what we anticipated when we launched, not only that the car purchasing journey was primed to move into the digital era, but that dealers and manufacturers can greatly reap the benefits of more informed and empowered customers.”