Used vehicle database Cazana.com has received investment totaling £1.75m ($2.31 USD) to continue its rapid growth trajectory, with some major industry names backing the business.
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. Cazana is advised by American venture capitalist Eileen Burbidge MBE, Partner at Passion Capital who also serves as the British Treasury’s special envoy for Fintech companies.
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. Its global vehicle database has been proven to help companies reduce the financial risk of working with vehicles and the business is receiving a high number of enquiries from companies looking to reduce the risk of working with used vehicles in the current volatile market. 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.
Behind the success of Cazana is the powerful technology that powers the data collection and analysis. The 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 Wood, CEO of Cazana, commented: “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. We are also attracting some major industry names and reputations to Cazana, and are delighted to have the backing of Passion Capital, Origin Capital and ex-RAC MD Robert Diamond.”
The investment follows the announcement of respected industry figure Rupert Pontin taking the role of Head of Valuations at Cazana.