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.
For further information please contact:
Sonia Mattis or Kevin Stewart at email@example.com
Keep up-to-date with CarsVansandBikes.com on Twitter; @Carsvansbikes
CarsVansandBikes.com is a digital advertising website that enables people to easily find a "new to them" used or new car, van or motorbike based on what is important to them. We live the mantra As easy as CVB.
It does not accept advertising or sponsored listings, so all vehicles listed are offered in a completely unbiased method - unlike other similar platforms. CarsVansandBikes.com makes its money through fees paid by motor dealers advertising their vehicle stock all advertising stock in a fair and transparent manner.
When they launched in 2021, it was the first automotive advertising platform that had no extras, everything that is offered to assist vehicle sellers connect with potential customers is included together with providing full vehicle details rather than just listing prices, with the aim of helping people to make better-informed. Their ambition is remove £1billion from dealer and private customer advertising spending – ultimately helping reduce the costs of cars, vans and bikes for the buyer instead of exaggerating the profits of media giants. They are resolute in their view that currently anyone advertising vehicles has been ripped off by all the media giants.
Motor dealers benefit from rates that are fixed until the end of 2023 with private customers offered the full advertising services offered by CarsVansandBikes.com permanently free of charge. Dealers benefit from a growing suite of unique tools allowing them to gain maximum benefit from the challenging and changing face of the automotive marketplace.
CarsVansandBikes Limited trades as CarsVansandBikes.com.