Cazoo founder and CEO Alex Chesterman.
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 Amazon-shaped gap in the automotive industry. Online sales still account for a tiny slice of the overall market globally but are on the rise as e-commerce has gotten a boost from the coronavirus pandemic.
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…