Used car sales platform Cazoo has doubled its valuation after raising a further £240m in its latest funding round.
The fresh fund raise more than doubles the startup’s previous valuation to over $2bn, and brings its total funding to a record £450m.
Cazoo buys and reconditions cars before selling them through its website. The new funding comes just six months after the company raised £100m.
It is being led by General Catalyst, D1 Capital Partners and funds managed by Fidelity Management and Research Company and Blackrock.
On Wednesday Cazoo announced it had opened its fifth physical Customer Centre, many of which have been created from former Imperial Cars facilities following its acquisition in July.
Founded by Alex Chesterman, who founded Lovefilm and Zoopla, Cazoo has boasted revenues of over £100m in its first ten months of trading.
“Over the past few months we have seen an acceleration in the shift from offline to online car buying as UK consumers have continued to embrace our unique and market-leading proposition”, Chesterman said.
“This latest funding demonstrates the conviction of some of the world’s best investors in both our business model and team as well as the UK market and gives Cazoo the firepower to deliver on our plans to provide the best possible car buying experience for UK consumers.”
Adam Valkin, managing director of General Catalyst said: “With Cazoo, Alex is taking his proven playbook to perhaps his largest opportunity yet for the benefit of used car buyers across the UK.”