Carwow Group funding news – London-based Carwow Group Secures $52Million in Fresh Round Funding

The money will help it to expand in Spain, Germany, and the UK. Leading the round was Bessemer Venture Partners, an international venture capital firm whose portfolio includes Shopify and LinkedIn. Participating in the round were previous investors Accel, Balderton, Episode 1, and Vitruvian.

Alex Ferrara, partner at Bessemer Venture Partners, says, “I’ve been a fan of Carwow’s videos and content for years and like millions of others, I love their information-rich, impartial car reviews and drag races that make for fun and irreverent entertainment. Carwow’s consumer proposition is just as exciting, which is helping make car changing simpler for consumers across Europe – and with over 9 million car changes a year alone in the UK, we’re looking forward to supporting the Management team in growing the business and delivering on its true potential.”

The investment, which comes with advice from Arma Partners, will quicken it's plans for strategic growth. These objectives include growing and scaling the "Sell My Car" (SMC) service in the UK in order to draw in more clients and find more vehicles for dealer partners.

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Additionally, improving payment procedures and expanding its transportation portfolio will be priorities. Furthermore, in 2025, Carwow intends to launch the SMC service in its German operation.

The business reports that H1 saw "stellar growth," with a 56% rise in sales as more customers shop for new cars online. To support this next stage of growth, it will be growing its technical and product teams over the coming few months.

John Veichmanis, CEO of the Carwow Group, says, “This is yet another milestone moment for Carwow. Over the course of the last three years, we’ve worked tirelessly to develop our car-changing proposition in the UK, giving consumers access to thousands of partners that can help them buy a new car and sell their old one. Our customers love the breadth of choice and convenience of managing every step of their car-changing journey online and partners rely on us to help drive sales of new cars and source stock. Given the phenomenal reaction to our strategic blueprint in the UK, we’re excited to use this new funding to take our proposition to our existing businesses in Germany and Spain. We’ll also continue to invest in new technologies to help our partners seamlessly appraise, buy and collect cars directly from the millions that use Carwow every month,”.

About Carwow

Carwow was established in 2013 with the goal of creating the best possible online vehicle marketplace. Users can use it to compare offers, locate new car discounts, and make direct purchases from reputable dealers. Following the acquisition of Wizzle in 2021, it introduced its "sell your car" service, which lets customers compare dealer offers for their used vehicles.

Carwow, which started out as an aggregation of car reviews, has become well-known in the automotive industry and has amassed over 9.4 million followers to its well-liked YouTube channel. Its web material consists of objective evaluations, news, guidance, and interactive tools about purchasing an automobile.