Balderton Capital leads £1.3m seed round in car buying website carwow to launch it out of beta
Backing of London-based start-up to help “revitalise the new car market”
Car-buying platform carwow has announced its official launch today after closing £1.3m seed funding in a deal led by European venture firm Balderton Capital.
Leading equity investment groups Episode 1 Ventures and Samos Investments, along with high profile angel investors; Alex Chesterman, founder of Zoopla, Simon Murdoch, and Doug Munro, were also involved in the round.
Launched in beta in May 2013, Holborn-based carwow claims to make buying a new car “hassle free” by offering a platform which allows users to compare offers online and buy directly from trusted dealers at “upfront no-haggle discounts”.
The site leaves it up to the buyer to decide whether to contact a dealer based on their offer and enables the buyer to compare offers by price, location of the dealer, customer reviews of the dealer and stock levels.
Since its beta launch, over £30m worth of cars have been purchased through its platform and it now intends to expand upon this growth, both in the UK and internationally.
carwow founder, James Hind (pictured left), commented:
“We’re delighted to have the backing of such experienced investors and are confident that this investment will help establish carwow as the best place to buy a new car in the growing UK market, and will also accelerate our international expansion plans.
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Rob Moffat, who led the investment at Balderton Capital and will join carwow’s board, added: “carwow has created an exceptional service that provides consumers with the best way to buy a new car.
“We believe carwow’s powerful online platform will revitalise the new car market which, to date, has experienced very little innovation.”