Carwow, a London, UK-based car comparison website, raised £12.5m in Series B funding.
The round was led by Accel with participation from Balderton Capital, Samos Investments and Episodes 1 Ventures. In conjunction with the funding, Fred Destin, a partner at Accel, will join Carwow’s board.
The company intends to use the funds to continue to expand operations. It is massively hiring.
Co-founded by James Hind, CEO, Alexandra Margolis, Head of Design, and David Santoro, CTO, Carwow operates a free online platform for people to buy cars from dealers. It allows users to find a car and receive up to five competing offers from dealers within 24 hours.
Once received the offers, the user, whose contact information is no shared with dealers, so they won’t receive unwanted sales calls, can compare them by price, location of the dealership, and reviews of the dealer from other buyers. Following this, the user can message the favourite dealers anonymously through the dashboard, or give them a call to buy directly.
The company makes money by charging dealers based on the volume of sales that the site provide them.
The site has 1.1M+ monthly visitors facilitating the purchase of £345M+ in car value to date.