Cazoo –Company Profile

Cazoo is a pioneering new platform for buying used cars in the UK. The company was launched in 2018 and it has registered strong growth since its inception. With a completely online process, competitive rates, easy finance options, free home delivery and 7-day money-back guarantee, Cazoo has emerged as the preferred choice for customers looking to buy used cars. Buying a used car on Cazoo is just as easy as buying any other product online.

With Cazoo’s new way to buy used cars, customers no longer have to worry about things like bargaining or getting fleeced by the used car salesman. Customers can expect top quality used cars, as Cazoo buys only well-maintained used cars. Furthermore, all used cars undergo 150+ point inspection and reconditioning to ensure the desired quality. Cazoo ensures that all used cars on its platform are in serviced condition. Customers also get a free 90-day comprehensive warranty, which includes most parts as well as roadside assistance.

History:

The idea for Cazoo came to its founder Alex Chesterman OBE when he noticed the significant problems faced by people when buying used cars. Alex essentially wanted to make this sector a lot more transparent and user-friendly, which inspired him to launch Cazoo. The idea seems to have worked, as Cazoo gained widespread popularity in a very short time. In June 2020, Cazoo’s overall valuation crossed USD 1 billion dollar. With this, Cazoo is now rated to be the fastest startup to achieve the coveted ‘Unicorn’ tag.Cazoo currently has more than 300 employees and a long list of satisfied used car customers.

Funding:

Cazoo has received investments worth USD 248 million via five rounds of funding. Top investors include DMG Ventures, Octopus Ventures, General Catalyst, Draper Esprit, Entrée Capital, and Stride.

Acquisitions:

Cazoo has not made any acquisitions till date. However, the company may be open to opportunities that may be available in the future.

Competitors:

Cazoo competes with other used car platforms such as Hey Car, Auto Trader, Motors, Carcela, Brayleys, CarGurus and Carsnip.

About the Founder:

Cazoo was founded by Alex Chesterman OBE, a serial entrepreneur who is counted among the leading digital entrepreneurs in the UK. Alex has more than twenty years of progressive experience in leveraging technology to enhance consumer experiences. Prior to Cazoo, Alex had co-founded LoveFilm in 2003. This venture had proved to be a gamechanger for UK’s DVD rental market. In 2008, Alex founded Zoopla, which helped achievesignificanttransformations in UK’s property market. Alex currently serves as the CEO of Cazoo.