Is the UK set to have a new ‘unicorn’ business?
The UK currently has 17 ‘unicorn’ businesses – a start-up company that is valued at more than $1bn – but could we be set to see a new name join the illustrious list?
Online car retailer – Cazoo – launched just 18 months ago, will this week reach the status of becoming Britain’s fastest-ever technology unicorn, after raising £25m from investors.
Founded by prolific entrepreneur Alex Chesterman, Cazoo is his latest successful enterprise. He also set up start-ups Lovefilm and Zoopla.
The new funding from Draper Esprit, a large European venture capital firm, and some of Cazoo’s existing shareholders such as DMG Ventures and General Catalyst will push the value of the firm over the $1bn threshold.
Cazoo was also recently unveiled as Premier League club Everton’s shirt sponsor for next season.
The firm owns and reconditions the vehicles it sells, and provides financing and part-exchange offers. It also provides free delivery and a seven-day money-back guarantee.