Cazoo has raised around £465 million for continued expansion around the UK and European Union.
The online car retailer listed on the New York Stock Exchange last year via an $8 billion SPAC merger which raised $1bn in funds.
The latest transaction, via 2% convertible notes, is led by new investor Viking Global Investors, alongside participation from several existing shareholders including Mubadala Investment Company, D1 Capital and Willoughby Capital as well as other new and existing investors.
Cazoo owns and fully reconditions all of its cars before offering them on its website for either delivery or collection in as little as 72 hours and has thousands of cars available at any time.
In 2021 the company achieved record revenues, up around 300% to over £665m, having sold 49,500 vehicles.
“This transaction further reinforces the strong belief in Cazoo from new and existing shareholders who, like us, are extremely excited about the huge market opportunity that we have ahead of us,” said Alex Chesterman OBE.
“We are now very well-funded for the coming years to continue to capitalise on this opportunity and deliver the best car buying and selling experience for consumers across the UK and Europe.”
Cazoo recently launched in France and Germany and acquired businesses and teams in Italy and Spain.
The company has expanded its reconditioning capabilities, taking UK reconditioning fully in-house and growing from just one site at this time last year to 11 in-house reconditioning sites with a potential output capacity of around 250,000 units per annum.
It has also launched a subscription service boasting around 10,000 active members.
“I am extremely proud of what Cazoo has achieved both since launch and particularly over the last 12 months,” added Chesterman.