UK’s used automobile platform Cazoo is all bang on in 2021, and appears to be on an agressive acquisition spree. Simply a few weeks age, the tech media was buzzing with the information about their acquisition of England’s impartial automobile reconditioning and storage specialists Smart Fleet Solutions. And now the information is in that the British unicorn has acquired the Germany’s ‘Netflix of automobile subscriptions’ — Cluno.
Whereas the quantity of acquisition has not been disclosed, Numis Securities Restricted acted as Sole Monetary Adviser to Cazoo within the deal. Based in 2017, Cluno has grown to a staff of over 100 primarily based in Munich. Cluno affords a versatile and hassle-free various to automobile possession, providing a selection of as much as 100 makes and fashions, with a single month-to-month subscription payment which incorporates the automobile, upkeep, service, guarantee, tax and insurance coverage.
The deal combines Cazoo’s platform and funding with Cluno’s experience and automotive relationships and, as soon as built-in, will allow Cazoo to launch its full proposition in Germany and throughout Europe giving clients the choice of buying, financing or subscribing to hundreds of automobiles on its platform.
Alex Chesterman OBE, Founder & CEO of Cazoo stated: “Cluno has constructed a market-leading providing within the automobile subscription market in Germany with hundreds of loyal clients, and we’re delighted to welcome Nico and his staff to the Cazoo household. We will probably be launching the complete Cazoo proposition in Europe later this yr from our new European headquarters in Munich, and we stay up for providing clients the choice of buying, financing or subscribing to hundreds of Cazoo automobiles.”
Nico Polleti, Founder & CEO of Cluno stated, “I’m very pleased with what we’ve got created at Cluno by way of each the client expertise and the staff. The imaginative and prescient and technique that Alex and his staff have for creating the Cazoo model and platform is completely aligned with ours and we’re wanting ahead to becoming a member of forces and accelerating the digital transformation of the automobile shopping for expertise throughout Europe.”
Why Cazoo acquired Cluno?
Having not too long ago acquired Drover, the UK’s main automobile subscription enterprise, this deal cements Cazoo’s place because the prime participant within the fast-growing Automobiles-as-a-Service (CaaS) market in Europe with hundreds of lively subscribers throughout the UK, Germany and France.
Cazoo, already one of many fastest-growing companies in Europe, plans to launch its UK subscription service within the coming months and Cluno will now type the launchpad of Cazoo’s worldwide growth plans as a part of its mission to rework the automobile shopping for expertise within the UK and Europe.
Cazoo owns and totally reconditions all its automobiles earlier than providing them on its web site. Cazoo has hundreds of automobiles out there at any time for both supply or assortment in as little as 72 hours. Each Cazoo automobile comes with a full 7-day a reimbursement assure and a complete 90-day guarantee.