carwow takes total funding to £5.9m following Balderton Capital-backed Series A round
Venture capital investment to see car comparison start-up expand in UK and new markets
Early-stage car comparison platform carwow, People’s Champion finalist in the Startups Awards 2014, has raised £4.6m in a Series A round led by Balderton Capital alongside existing venture capital (VC) investors Episode 1 Ventures and Samos Investments.
This latest funding takes the start-up’s total investment to date to £5.9m following a £1.3m seed raise in February; also backed by Balderton.
Launched in February 2014 by 27 year-old James Hind (pictured left), Holborn-based carwow seeks to provide an alternative to “car review sites aimed at car enthusiasts” offering an “easy-to-use website for the average car buyer” which allows users to compare new cars from multiple dealers and then contact their chosen dealer and buy direct.
It now claims to have grown to become the “biggest” online new car buying platform in the UK with £150m worth of sales generated for car dealerships, creating £15m in savings for its users.
Having utilised its first round of investment to develop its marketing and expand its team size to twenty employees, carwow CEO Hind said the new round will be used to “expand the team further, roll out above-the-line advertising campaigns and start exploring new markets.”
Balderton Capital’s Rob Moffat, who sits on carwow’s board, added:
“We were happy to be able to increase our investment given the high levels of inbound interest from other VCs. As carwow continues to improve the new car buying experience we believe it will become the default option for buyers.”