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ITV and Channel 4 drive £17.2m carwow funding spherical

ITV and Channel 4 drive £17.2m carwow funding spherical

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ITV and Channel 4 are set to drive carwow’s publicity in a strategic media-for-equity deal struck a part of the net automobile market’s newest funding spherical.

Carwow has attracted £17.2m in new funding in its newest funding spherical, with current buyers together with Vitruvian, Balderton and Accel, offering the vast majority of the fairness funding alongside Hercules Capital which offered a £40m debt capital facility in December 2021.

Information of the brand new investement comes simply three months after carwow raised £41.5m to scale its Promote Your Automotive division after the used automobile stocking platform reported 600% income development in simply six months.

It additionally got here because the enterprise revealed that it had enabled £4.75bn of automobile gross sales in 2021 as annual group revenues rose 63% as its Promote Your Automotive service “kicks into gear”.

Carwow founder and chief govt, James Hind, stated: “Having such sturdy development in 2021, regardless of the massive problem the brand new automobile market is dealing with, is a testomony to our proficient, rising group and our capacity to supply nice new providers to customers and companions throughout our markets.

“While we’re investing significantly in our Promote Your Automotive know-how and group, our new media-for-equity offers will allow us over the approaching years to inform much more folks about how we may also help them with regards to altering automobiles.”

Hind added: “The digital revolution in automotive retail is bringing extra clients to our model and subsequently our companions every single day.

“Regardless of the delays in new automobile provide, £4.75 billion’ value of autos have been purchased, bought or leased between our clients and companions final yr – 77% greater than in 2020.

“A lot of our power within the new automobile market has been constructed on folks making the swap to EV – the place we out-perform trade averages.

“Since late 2021 we’ve seen actual indicators of confidence in new automobile gross sales – particularly in Germany the place month-to-month gross sales have been up over 100% in comparison with final yr.”

Niko Waesche, fund supervisor of ITV AdVentures Make investments, stated: “We’re delighted to be partnering with carwow.

“The group has demonstrated a deep understanding of each content material and commerce, serving to consumers and sellers throughout the UK, Spain and Germany.

“arwow is the go-to family model for goal and entertaining automobile critiques and this steering is important for customers, significantly as many individuals transition to electrical autos.”

Vinay Solanki, Head of Channel 4 Ventures stated: “Working along with ITV AdVentures Make investments for the primary time, our mixed media providing maximises the chance to considerably speed up consciousness of carwow’s new Promote Your Automotive service within the UK.”

 

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