Carwow Revenue, Valuation, Funding & Investors
Carwow is valued at $320M as of July 2024.
Last Carwow valuation
$320M
Undisclosed stage · Jul 2024
Last Carwow funding round
$52M
Undisclosed stage · Jul 2024
Carwow revenue
$73M
Pre-seed · Nov 2023
Key investors in Carwow
Balderton Capital
Accel
Episode 1
Vitruvian Partners
Samos Investments
Bessemer Venture Partners
About Carwow
Carwow is a London-headquartered platform connecting UK car buyers with approved dealers. Consumers configure new vehicles, receive fixed-price quotes, and complete purchases online or in showrooms with finance arrangements. Dealers gain leads for brands like Ford, Volkswagen, and Mercedes-Benz, boosting showroom sales and inventory turnover. Founded in 2013, Carwow handles over 200,000 transactions annually across 5,000 dealership sites.
Founded
2013
HQ
LondonWebsite
Status
Privately held
Customer focus
B2C & B2B
Revenue model
Commission
Revenue
$73M (Nov 2023)
Valuation
$320M (Jul 2024)
Carwow Valuation
Carwow is currently valued at $320M, based on its undisclosed-stage round in July 2024.
The $52M round was led by Bessemer Venture Partners, with participation from Episode 1, Balderton Capital, Vitruvian Partners and Accel.
Carwow's valuation has grown 1.3x from $238M at its pre-seed round in October 2019 to $320M in July 2024, across 3 priced rounds.
Carwow valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jul 2024 | Undisclosed stage | $320M | - |
| Nov 2023 | Pre-seed | $387M | 5.3x |
| Oct 2019 | Pre-seed | $238M | - |
Carwow Revenue
Carwow's latest recorded revenue is $73M, as of its pre-seed round in November 2023. At a $387M valuation, that implies a 5.3x revenue multiple.
Carwow revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Nov 2023 | $73M | $387M | 5.3x | Pre-seed |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Carwow Funding History
Carwow has raised a total of $181M across 9 funding rounds.
Carwow's first fundraising round was a $2M seed round in February 2014. The most recent completed round was a $52M undisclosed-stage round in July 2024.
Carwow funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2024 | Undisclosed stage | Bessemer Venture Partners (lead); Episode 1; Balderton Capital; Vitruvian Partners; Accel | $52M | $320M | Carwow Group is a London-based online vehicle marketplace that includes the Carwow platform, Auto Express, Evo, Driving Electric, and Carbuyer, helping over 10 million customers buy and sell cars since 2013. The company facilitates car changing by connecting consumers with dealer partners for new car purchases and its Sell My Car (SMC) service, with nearly £3bn worth of cars bought and £1.8bn listed for sale through SMC in the prior year. In July 2024, Carwow raised $52m (£41m) in a funding round led by Bessemer Venture Partners, joined by existing investors Accel, Balderton Capital, Episode 1, and Vitruvian Partners. The investment, announced on July 14-15, 2024, values Carwow at $320m (£250m) post-money and will fund acceleration of growth in the UK, Germany, and Spain, particularly scaling the SMC service to attract more customers and source cars for dealers. CEO John Veichmanis highlighted three years of development in the UK car-changing proposition, emphasizing online convenience for consumers and sales support for partners. Bessemer partner Alex Ferrara praised Carwow's content-driven approach, including car reviews and drag races, positioning it uniquely in the market amid 9 million annual UK car changes. Carwow reported 56% revenue growth in H1 2024 and reached break-even, following challenges like a £29.4m post-tax loss in 2022 due to the Ukraine war and consumer confidence issues. Recognized as one of the UK's fastest-growing tech companies in 2023, it plans to expand product and engineering teams. The round supports strategic expansion of its European operations and technology investments for seamless appraisals and collections. |
| Nov 2023 | Pre-seed | Crowdcube; Somdip Dey | $3M | $387M | - |
| Mar 2022 | Undisclosed stage | Hercules Capital (lead); Balderton Capital; Channel 4 Ventures; ITV plc; Vitruvian Partners; Accel | $23M | - | Carwow, a London-based online vehicle marketplace founded in 2013, operates a reverse marketplace model that connects consumers with dealers for buying and selling cars without negotiation. In March 2022, it raised GBP 17.2 million in a Series Unknown round led by Hercules Capital, with participation from investors including Accel, Balderton Capital, Channel 4 Ventures, ITV plc, and Vitruvian Partners. The funding aimed to enhance technology and expand market presence. This followed a GBP 41.3 million debt financing round in December 2021 also led by Hercules Capital to support operational expenses and expansion. Carwow had previously raised GBP 12.5 million in a Series B in January 2016 led by Accel to scale operations and improve technology. By 2016, Carwow had sold £550 million worth of vehicles. Carwow faced challenges from the Ukraine war and reduced consumer confidence, reporting a post-tax loss of £29.4 million in 2022, up 121% year-on-year. Sales rose 56% in the first half of 2024, reaching break-even per CEO statements. |
| Oct 2019 | Pre-seed | - | $6M | $238M | Carwow raised GBP 25 million in a corporate round on August 2019 led by Mercedes-Benz Group AG to strengthen partnerships with automotive brands and expand service offerings. In October 2019, Carwow completed an equity crowdfunding round raising GBP 4,875,880 to engage the community and support further growth. Carwow operates as an online platform connecting car buyers with franchised dealers in the UK and expanded to Germany prior to these rounds. |
| Aug 2019 | Strategic investment | Mercedes-Benz (lead); Episode 1; Balderton Capital; Accel | $30M | - | Carwow is an online car marketplace platform that enables consumers to research, compare, and buy new and nearly-new cars from approved dealerships, providing high-quality content, reviews, transparent pricing, and ratings. The company facilitates the digital transformation of the car buying journey, benefiting both buyers and sellers with targeted exposure and qualified enquiries. By August 2019, Carwow had facilitated over £5 billion in car sales since launch and represented 5% of the UK new retail car market, with one in every 20 new cars sold via the platform. In August 2019, Carwow raised £25 million (approximately €27 million) in a strategic Corporate Round led by Daimler AG (parent of Mercedes-Benz), marking the first involvement of strategic automotive investors. Existing investors including Balderton Capital, Accel, and Vitruvian Partners participated by re-investing. The funds were allocated to accelerate growth in the UK, Germany, and Spain through investments in talent, product development, and marketing. Daimler's Axel Harries joined the Carwow board. Carwow launched in Germany in 2016, capturing about 1.5% of new car sales there, and entered Spain the prior year, projecting €200 million in sales by end-2019. The round built on prior funding, such as a GBP 12.5 million Series B in January 2016 led by Accel, aimed at scaling operations and technology enhancements. |
| Jul 2017 | Series C | Vitruvian Partners (lead); Balderton Capital; Accel | $39M | - | Carwow is a UK-based online car marketplace founded in 2013 that connects new car buyers with authorised dealers, providing price comparisons, reviews, and dealer leads to facilitate purchases. The platform had previously raised £1.3m in seed funding in 2014, £4.6m Series A in late 2014, and £12.5m Series B in January 2016, bringing total funding to around $62.6m by July 2017. In July 2017, Carwow closed a $39m (£29.7m-£30m) Series C round led by Vitruvian Partners, with participation from existing investors Accel Partners and Balderton Capital. The funding was aimed at strengthening Carwow's position in the UK car buying market, expanding its dealer network, boosting marketing efforts, growing its 140-person London team, and supporting international expansion following its 2016 entry into Germany. Vitruvian Partners highlighted Carwow's value to consumers, dealers, and manufacturers, noting that a third of calls from Carwow users resulted in car sales, indicating strong lead quality. At the time, the site attracted 2 million monthly visits and claimed £2 billion in new cars bought via the platform. |
| Jan 2016 | Series B | Accel (lead); Episode 1; Balderton Capital; Samos Investments | $18M | - | Carwow raised £12.5 million ($18.75 million) in a Series B round on January 13, 2016, led by Accel, with participation from existing investors Balderton Capital, Samos Investments, and Episode 1 Ventures. This followed a £4.6 million Series A in December 2014, bringing total funding to £18.4 million at that point. The platform connects car buyers with dealers to simplify new car purchases in the UK. The funding supported brand-building, marketing, dealer training, new product development, and sales team expansion. Company growth exceeded 10x since Balderton’s initial investment two years prior. Accel partner Fred Destin joined the board, likening Carwow to early Zoopla for its consumer-dealer platform. |
| Dec 2014 | Series A | Balderton Capital (lead); Episode 1; TriplePoint Ventures; Samos Investments | $7M | - | Carwow is a UK-based online marketplace that allows consumers to buy and sell cars through a reverse marketplace model. Founded in 2013 by James Hind, Alexandra Margolis, and David Santoro, the platform enables users to build their desired vehicle specifications and receive competitive offers directly from registered dealers, eliminating traditional car buying friction and negotiation. In December 2014, Carwow closed a £4.6 million Series A funding round led by Balderton Capital, with participation from previous investors including Samos Investments and Episode 1 Ventures. The round followed the company's £1.3 million seed investment in February 2014, also led by Balderton. By the time of the Series A, Carwow had demonstrated rapid early traction with £30 million worth of cars bought via the platform since launch in May 2013. The capital was used to strengthen the company's position in the UK car buying market, bolster marketing efforts, and expand its dealer network. The funding supported Carwow's expansion trajectory, leading to a £12.5 million Series B from Accel in January 2016 and subsequent growth across multiple European markets. |
| Feb 2014 | Seed | Balderton Capital (lead); Episode 1; Simon Murdoch; Samos Investments | $2M | - | - |
Who has invested in Carwow?
14 investors have backed Carwow across its funding rounds, including Balderton Capital, Accel, Episode 1, Vitruvian Partners, Samos Investments and Bessemer Venture Partners.
Lead investors include Bessemer Venture Partners, Hercules Capital, Mercedes-Benz, Vitruvian Partners, Accel and 1 other investor.
Carwow Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| London | 7 | Lead | Feb 2014 | |
| London | 5 | Participant | Feb 2014 | |
 Palo Alto, CA | 5 | Lead | Jan 2016 | |
| London | 3 | Lead | Jul 2017 | |
| London | 3 | Participant | Feb 2014 | |
 Stuttgart | 1 | Lead | Aug 2019 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Simon Murdoch | London | 1 | Participant | Feb 2014 |
| Exeter | 1 | Participant | Nov 2023 | |
| London | 1 | Participant | Mar 2022 | |
| San Francisco, CA | 1 | Lead | Mar 2022 | |
| San Francisco, CA | 1 | Participant | Dec 2014 | |
| London | 1 | Participant | Nov 2023 | |
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Start Free TrialAcquisitions by Carwow
Carwow has acquired 3 companies to date.
Last acquisition by Carwow was on October 8th 2024. Carwow acquired GridServe for $200K.
Latest Acquisitions by Carwow
| Description | GridServe is a provider of modular fuel cell and solar hybrid power systems for data centers and telecom sites. Headquartered in San Diego, it delivers 1MW to 10MW turnkey installations with 99.999 percent uptime. Systems combine Bloom Energy servers and rooftop PV, backed by lithium reserves for 72-hour autonomy. GridServe deploys in California microgrids compliant with CPUC Rule 21. | Autovia is a Manchester-based media company producing video content for the UK automotive sector. It creates reviews, news, and features for brands including Volkswagen, Ford, and Jaguar Land Rover, distributed via YouTube channels with millions of views and the Driven Car Guide platform. Founded in 2015, Autovia partners with dealership groups like Sytner and Inchcape for sponsored series on electric vehicles and performance cars. | Wizzle is a Manchester-headquartered online car marketplace connecting UK buyers with dealers nationwide. Launched in 2022, it lists over 200,000 used vehicles from franchised and independent sellers, featuring finance calculators, vehicle history checks via HPI, and reserved pricing. Users browse by make, model, and location with delivery options across England, Scotland, Wales, and Northern Ireland. |
| HQ Country | | | |
| HQ City | Slough | London | Bournemouth |
| Deal Date | 8 Oct 2024 | 14 Feb 2024 | 16 Jun 2021 |
| Valuation | $200K | undisclosed | undisclosed |
| EV/Revenue | |||
| EV/EBITDA | |||
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Carwow Competitors
Carwow competitors include listed companies like Everyday Network Co., Angi, Nerdwallet and Hypoport, and private ones like Alt and SODA.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 China | Publicly listed | $16M | ($6M) | $322M | - | |
| United States | Publicly listed | $1B | $114M | $215M | 0.4x | |
| United States | Publicly listed | $837M | $112M | $587M | 0.6x | |
| Germany | Publicly listed | $694M | $78M | $590M | 0.8x | |
| San Francisco, CA | Private | - | - | $325M | - | |
 Tokyo | Private | - | - | $336M | - |
Carwow Public Comps
Carwow is still privately-owned, but its public comps include Everyday Network Co., ThredUp, Fiverr, On The Beach Group, Quick Co., Socar, Aramis Group, BiNBiN, ZIGExN and So-Young.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $16M | ($6M) | 17.0x | - | (42.4x) | - | |||
| $311M | ($5M) | 1.0x | 0.9x | (59.2x) | 20.5x | |||
| $431M | $13M | 0.2x | 0.2x | 5.2x | 1.0x | |||
| $163M | $48M | 2.3x | 2.5x | 7.7x | 8.8x | |||
| $218M | $41M | 1.0x | 1.0x | 5.4x | - | |||
| $343M | $72M | 1.5x | - | 7.0x | - | |||
| $2.7B | $74M | 0.2x | 0.2x | 6.1x | 10.7x | |||
| $11M | ($12M) | 30.9x | - | (27.8x) | - | |||
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Common questions about Carwow
| When was Carwow founded? | Carwow was founded in 2013. |
| Where is Carwow headquartered? | Carwow is headquartered in London, United Kingdom. |
| Is Carwow publicly listed? | No, Carwow is a private, VC-backed company. |
| What is Carwow's valuation? | Carwow was last valued at $320M in its undisclosed-stage round in July 2024. |
| How much funding has Carwow raised? | Carwow has raised $181M across 9 funding rounds. |
| What was Carwow's last funding round? | Carwow's last funding round was a $52M undisclosed-stage round in July 2024, led by Bessemer Venture Partners. |
| Who are Carwow's investors? | Carwow's investors include Balderton Capital, Episode 1, Accel, Vitruvian Partners, Samos Investments, Mercedes-Benz, Simon Murdoch, Crowdcube, Channel 4 Ventures, Hercules Capital and 4 others. |
| What is Carwow's revenue? | Carwow's latest recorded revenue is $73M (November 2023). |
| What is Carwow's revenue multiple? | Carwow's latest valuation implies a 5.3x revenue multiple ($387M valuation on $73M of revenue). |
| Which companies are comparable to Carwow? | Companies comparable to Carwow include Everyday Network Co., Angi, Nerdwallet, Hypoport, Alt and SODA. |
| How many companies has Carwow acquired? | Carwow has acquired 3 companies, including GridServe, Autovia and wizzle. |
| What was the largest acquisition by Carwow? | The $200K acquisition of GridServe in October 2024 is the largest acquisition Carwow has made to date. |
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