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    Home»Deals»Online used-car ‘unicorns’ Cinch and Cazoo in £10bn race to reshape industry
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    Online used-car ‘unicorns’ Cinch and Cazoo in £10bn race to reshape industry

    March 27, 20211 Min Read
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    Britain’s two fastest-growing online used-car marketplaces are racing to raise staggering sums of capital as they seek to reshape an industry boasting €400bn (£343bn) in annual sales across Europe.

    Sky News can reveal that Cinch, which is part of the private equity-backed Constellation Automotive Group, is in talks with a syndicate of global blue-chip institutions to raise approximately £500m of new funding.

    The discussions, which are said to be at an advanced stage, could value Cinch on a standalone basis at more than £5bn, according to analysts and bankers.

    That would be a stellar result for a business which launched just five months ago, but which has shown what insiders describe as “exponential growth” to turn it into a leader in the market.

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    Source: SkyNews

    By Mark Kleinman

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    Can't stop reading? This and all news articles are property of their creators, many are not owned or provided by Private Equity Insider. As an event organizer and community platform, we curate content from reliable sources for your suggested reading, and advise you to read the full articles from the referenced authors and sources.

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