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Car marketplace Cazoo buys Germany’s Cluno ahead of public debut

Online used car retailer Cazoo has bought Cluno, a German car subscription platform, just days after reports emerged that it is planning to go public.

Cazoo is looking to go public at a £5 billion valuation.
(Courtesy of Cazoo)


Online used car retailer Cazoo has bought Cluno, a German startup that lets users hire cars via a subscription-based platform, just days after reports emerged that it is planning to go public. The deal value is not disclosed.

Last week, Sky News reported that Cazoo hired Credit Suisse, Goldman Sachs and Numis to explore options to access the public markets. A London-based IPO is said to be a more likely option, but the company has approached investors about a merger with a US-listed SPAC. Cazoo could be valued at £5 billion (around $7 billion) in its public debut.

Cazoo has secured £450 million in total funding from investors including General Catalyst, D1 Capital Partners and BlackRock. It is currently worth over £2 billion following a £240 million round in October.

Cluno offers consumers access to 100 makes and models for a monthly subscription fee, covering the car, maintenance, insurance, tax and warranty. Since its launch in 2017, it has raised $36 million in VC funding from investors including Valar Ventures and Acton Capital.

This is Cazoo’s second acquisition of a car subscription service in three months. In December, it agreed to buy UK-based Drover, which was backed by VCs including Target Global and Autotech Ventures. Both deals are part of Cazoo’s plan to expand across Europe.

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    Written by Leah Hodgson
    Leah Hodgson is a London-based senior reporter for PitchBook covering venture capital across Europe and the Middle East. Leah graduated from the University of Surrey with a BA in international politics with French. She has previously been a radio reporter in France. She later turned to financial journalism, covering the wealth management industry. She joined PitchBook in 2018.
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