Carwow secures new £41m to accelerate UK growth, scale European operations

The Carwow Group – which includes the Carwow online marketplace, Auto Express, evo, Driving Electric and Carbuyer – has raised £41 million in new funding to accelerate its growth across the UK, Germany and Spain.

The funding round was led by global venture capital firm Bessemer Venture Partners which counts LinkedIn and Shopify within its investment portfolio, and has been joined in this latest investment round by a number of Carwow’s existing investors including Accel, Balderton, Episode 1 and Vitruvian.

Over 10 million customers have used Carwow to help them buy and sell cars since the business’s inception, and last year nearly £3bn worth of cars were bought through the platform while £1.8bn of cars were listed for sale through its Sell My Car (SMC) service. 

This latest investment includes further scaling and expanding the SMC service in the UK to attract more customers and source more cars for its dealer partners.

Specific focus will be given to enhancing payment processes and further development of its transport offering. Carwow will also look to launch the SMC service to its German operation in 2025.