Carwow has raised $55 million to invest in its Sell Your Car service.
The service was created following the acquisition of Wizzle in June 2021.
Sell Your Car works with consumers listing their car by taking photos and inviting dealers to bid and buy it directly from them, with all offers including collection.
Having increased Sell Your Car’s monthly revenue by 600% since making the service available to its 9 million existing UK users, carwow plans to invest in technology and platform development, expansion international and user growth.
Over 150 positions in the Sell Your Car division will be created over the next 12 months, adding to the existing team of 350 people.
Carwow Founder and CEO James Hind said, “We are extremely pleased with how quickly our users and commercial buyers have embraced Sell Your Car, proving the value of a unified digital selling and buying experience.
“The size of our customer base and the reach of our brand gives us an important platform for a growth advantage, but this latest investment will help boost our service and experience on all fronts.
“In just three months, we hit our first target of 7,000 live ads and helped sell £200m worth of cars in the first six months. This was all achieved so quickly just by leveraging what already exists within carwow; our huge reach via content, great dealer relationship and in-house technology. We now plan to use some of the additional funding to advertise Sell Your Car to all car owners.
“With great results and learnings in the UK, we have started testing in Germany. Ultimately, our goals are global, just like the rest of the carwow business. »
The investment, in the form of venture capital debt from Hercules Capital, follows a year of strong performance across the rest of the carwow business, which saw revenue rise 60% year on year. on the other, despite the challenges in the new car market.