Cazana secures major backing
Used vehicle database Cazana.com has received investment totaling £1.75m to continue its rapid growth trajectory.
Robert Diamond, former managing director of the RAC, has become a key adviser to Cazana, together with Andy Homer, the former CEO of Aviva and AXA. Further investment has been secured from Origin Capital and Passion Capital, which was set up by the same investor who is behind the innovative mobile-only bank Monzo.
This significant support comes following a successful trade visit to the US, during which Cazana’s vehicle data, machine learning and AI were demonstrated to the motor trade. The business is continuing to expand into the US following this investment, and has its sights set on key European countries too.
The announcement marks a major step forward for Cazana, which was founded in 2013 by automotive fan Tom Wood, after he wanted to gain a better understanding of classic car prices using big data. Since then the business has grown exponentially, and is currently the largest car search and indexing engine for used cars on sale in the UK, with more than 600,000 cars listed for sale on the website, and records of all 37 million vehicles on the road.
Cazana’s technology monitors every car on-sale, utilising artificial intelligence (AI) to extract vehicle insights which allows motorists to track a car’s individual value with a timeline of events from its manufacture to present day. It collects and processes high volumes of data to provide a valuation for each individual vehicle, rather than quoting a generic figure based on model, age, or specification.
Tom said, ‘The investment we have secured demonstrates the value that Cazana’s database provides both to the motor trade, and to consumers looking to purchase a used car. Since our launch in 2013, we have grown at a rapid rate, and this investment will enable us to help more businesses understand vehicles better and continue to improve our platform for consumers.
The investment follows the announcement of Rupert Pontin taking the role of head of valuations at Cazana.