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Online car buying site carwow launches with £1.3m VC round led by Balderton

24 Feb 2014

Online car buying platform carwow has launched with a £1.3m seed investment round led by European venture capital investor Balderton Capital.

Also participating are Episode 1 Ventures, backers of Betfair and Shazam, and Samos Investments, whose investments include Ocado and PKR.com. Angel investors involved in the round include Alex Chesterman, the founder of Zoopla Property Group, Simon Murdoch and Doug Monro.

Founded in London, carwow allows users to compare offers online and buy directly from dealers at upfront no-haggle discounts. Over £30m worth of cars have been bought through the site since its beta launch in May 2013.

Rob Moffat, who led the investment at Balderton Capital and will join carwow’s board, said, “carwow has created an exceptional service that provides consumers with the best way to buy a new car. We were impressed by both the universally positive feedback from users but also from dealers who use carwow and benefit from a new marketing channel, generating large volumes of sales. We believe carwow’s powerful online platform will revitalise the new-car market which, to date, has experienced very little innovation.”

Balderton previously backed Yoox, Betfair, LOVEFiLM and NaturalMotion. The current portfolio includes companies such as 3D Hubs, Globoforce, Kobalt, Lyst, Openet, Scytl, Talend, The Hut Group, Tictail, Wonga, Wooga and WorldStores.

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