A lot of people are opting to use cars instead of taking public transportation in the UK at the moment, as a way of ensuring more social distancing, and today one of the startups that’s built a more efficient way of selling and buying cars is announcing a big round of funding. Cazoo, which provides an app-based way to browse and buy used cars (it’s modeled on the likes of Vroom in the US), has picked up £240 million ($311 million).
The funding comes only six months after the company raised $116 million. A Cazoo spokesperson has confirmed that the company is now valued at over £2 billion (or over $2.5 billion), double its previous valuation. (For some context, the company confirmed a $1 billion valuation this summer and others had estimated it at a much lower amount.)
This latest funding is being led by General Catalyst, D1 Capital Partners