LONDON - Global law firm Reed Smith has advised DMG Ventures (DMGT), the venture capital arm of the Daily Mail and General Trust, on its role as the lead investor in the latest funding round of Cazoo worth £100m.
Cazoo, which was launched in 2018 by serial entrepreneur Alex Chesterman, founder of LoveFilm and Zoopla, provides an online platform for car sales and purchases and delivers cars directly to the buyer.It generated over £20m in revenues in its first three months and has raised a total of over £180m, a record for any UK start-up in its first year of operation.
This latest funding round was led by DMGT alongside other investors including General Catalyst, CNP (Groupe Frère), Mubadala Capital, Octopus Ventures, Eight Roads Ventures and Stride.VC. The new funds will be used to accelerate the shift to online car buying, fundamentally transforming the consumer experience.