TLDR:
– Carwow, a London-based online marketplace for cars, raised £41m in a new funding round.
– Bessemer Venture Partners led the funding round, with participation from existing investors.
Article Summary:
London-based Carwow Group, which operates the Carwow online marketplace along with other automotive publications, has secured $52m (£41m) in a new funding round. The funding was led by Bessemer Venture Partners, a global venture capital firm known for its investments in tech companies like LinkedIn and Shopify. Carwow, founded in 2013, has served over 10 million customers looking to buy and sell cars.
The company plans to use the latest investment to expand its SMC (Sell My Car) service in the UK, attract more customers, and source more cars for its dealer partners. It also intends to introduce the SMC service to its German operations in 2025. Carwow’s CEO, John Veichmanis, highlighted the success of the company’s online car-changing proposition and the convenience it offers to customers and partners.
In addition to this funding round, Carwow previously secured $55m in venture debt funding in 2021 and acquired Wizzle, an app that connects online car buyers with dealers, in June 2021. The company aims to provide more options for customers and improve its services through these investments and acquisitions.
