Startups 100-featured car comparison site carwow clinches $39m in funding
Young Gun-founded company will use funds to consolidate growth at home and fuel further international expansion
Carwow, the Startups 100-featured new car comparison site, has closed $39m in funding in a round led by new investor Vitruvian Partners, alongside existing investors Accel Partners and Balderton Capital.
Launched by Young Guns James Hind, Alexandra Margolis and David Santoro in 2013, carwow allows consumers to compare the price, location, dealer ratings and availability of their preferred car to receive up-front offers from UK franchised dealers.
The company – which now employs 140 people at its Holborn head office – claims to have facilitated the sale of more than £2bn of new cars to date, with a five-fold increase in the number of users considering buying electric or hybrid cars over the last 12 months.
After launching in Germany in March 2016, carwow will use these funds to fuel further international expansion, as well as to boost growth at home by investing in marketing campaigns, building its dealer network and growing its team.
Hind commented: “We’re relentlessly focused on creating the best car buying experience which benefits consumers, dealers and manufacturers. This new funding will allow us to put even more consumers in the driving seat when buying their next car.
“[…] We are very pleased to have Vitruvian Partners leading this new round of financing. They bring with them much expertise in growing international consumer-facing online marketplaces, and will add a lot of value.”
Thomas Studd, partner at Vitruvian Partners, said: “It’s clear to see the value that carwow provides consumers who are looking to buy a new car but what also became evident during the investment process are the significant benefits that carwow delivers to both its partner dealers and car manufacturers.”