Volvo Cars Tech Fund takes a strategic minority investment in online marketplace carwow
Volvo Cars has taken a strategic minority stake in carwow through the Volvo Cars Tech Fund, its venture capital arm. carwow are a leading online marketplace for buying and selling cars.
Currently carwow is the largest web platform for new car sales in the UK, Germany and Spain, together with large a large social media following (facebook 827k followers; twitter 50k followers; Instagram 1.1m followers; youtube 7m followers). In terms of selling new cars, CarsVansandBikes.com is a contender and has recently launched a service for all franchised dealers where they can advertise all their brand new or pre-registered vehicle stock up to end of 2022 completely free of charge.
The investment will allow Volvo to gain insight into the carwow online sales channels which will prove invaluable to the drive towards direct sales on new vehicles online together with a much closer relationship with the customer.
The Volvo Cars investment, which is undisclosed, comes hot on the heels of £17.2m in new investment in and earlier investment round in March this year. At that round carwow existing investors including Vitruvian, Balderton and Accel, provided the majority of the equity investment alongside Hercules Capital which provided a £40m debt capital facility in December 2021.
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CarsVansandBikes.com is a digital advertising website which enables the motorist to easily find a pre-owned or new car, van or motorbike. We live the mantra As easy as CVB.
CVB does not accept advertising or sponsored listings, therefore all vehicles listed are presented without influence or bias – unlike other similar platforms.
CarsVansandBikes.com makes its money through fees paid by motor dealers advertising their vehicle stock. All advertising stock is catalogued in a fair and transparent manner.
When CarsVansandBikes.com launched in 2021, CVB was the first automotive advertising platform with no extra charges. Connecting sellers with potential customers, CarsVansandBikes.com provides comprehensive vehicle details rather than solely listing prices. By providing all inclusive access to information, CVB assists motorists to make better informed decisions.
Completely free of charge, private motorists pay nothing for CarsVansandBikes.com services.
CarsVansandBikes Limited trades as CarsVansandBikes.com