UK online used car marketplace Cazoo doubles valuation to $2.6 billion

Cazoo founder and CEO Alex Chesterman.

Cazoo

LONDON — Cazoo, a U.K.-based online marketplace for buying used cars, has seen its valuation double to £2 billion ($2.6 billion) after raising £240 million in a bumper round of funding.

Founded in 2018 by Alex Chesterman, creator of British property site Zoopla, Cazoo aims to fill an eBay-shaped gap in the automotive industry. Online sales still account for a tiny slice of the overall market globally.

The company only launched its e-commerce platform for used cars in December 2019 but has already seen revenues surge to £100 million, a spokesperson for the firm told CNBC. It’s now worth more than twice the $1 billion it was valued at in a June funding round, and has raised a total of £450 million to date.

“Over the past few months we have seen an acceleration in the shift from offline to online car buying

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