carwow, a London, UK-based online platform for buying new cars, raised £1.3m in seed funding.
The round was led by Balderton Capital with participation from Episode 1 Ventures, Samos Investments, and angel investors Alex Chesterman, Simon Murdoch and Doug Monro. In conjunction with the funding, Rob Moffat of Balderton Capital will join carwow’s board (read my recent interview with him here).
The company intends to use the funds to grow in the UK market, and accelerate international expansion plans.
Led by James Hind, founder, carwow allows users to receive offers from dealers and compare them by price, location of the dealer, reviews of the dealer and who has what in stock. The buyer can decide whether to contact a dealer based on their offer, doing so either by messaging them anonymously or calling them directly. The site screens dealers’ previous response times and past reviews and allows only those who provide the best customer experience to advertise offers.
FinSMEs
24/02/2014