Cazoo
About Cazoo
Cazoo, the UK online used car retailer, collapsed in 2023 after burning through 2 billion. Founder Alex Chesterman raised over 2 billion from investors including DRW Hodga and Mubadala. The business model of buying cars online without test drives failed to resonate with UK consumers. Cazoo sponsored football clubs including Aston Villa and Everton, spending millions on marketing. The company went public via SPAC in 2021 at a 7 billion valuation. In 2023, Cazoo restructured, exiting the car buying and selling business to become a marketplace platform. The case illustrated the risks of online car retail and the SPAC bubble of 2021. The Cazoo collapse was one of the largest UK startup failures.
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