Carwow receives £12.5m investment
Online new car buying tool Cawwow has received a £12.5m investment led by venture capitalists Accel.
Barlderton Capital, Sampos Investments and Episode 1 Ventures also participated in the second round of investments made by the venture capitalists.
The move came just over a year after an initial £4.6m first investment in December 2014 by Baldeton.
As part of the investment, Fred Destin, partner at Accel will join the Carwow guide. Destin said: “carwow reminds me of Zoopla in the early days – they’re changing the discovery experience through a superb online platform and better information and are creating a win-win for consumers and dealers, brought to you by a wonderful founding team.”
The company said the funding will be used to push for growth through brand-building and marketing. It said it would also look to improve the service through new products and offerings.
Rob Moffat, partner of Balderton Capital, said: “The company has grown more than 10 times, and has built a great operation since Balderton first invested two years ago. But the founding team don’t want to stop here, and have much greater ambition. We believe that carwow is in a position to lead the evolution of the car retail experience over the coming years.”