carwow, the online car buying and selling marketplace, has been backed with £17.2 million investment, including its first media-for-equity agreements from ITV and Channel 4.
The majority of the equity investment came from existing investors, including Vitruvian, Balderton and Accel, as well as Hercules Capital which provided a £40m debt capital facility in December 2021.
carwow’s annual revenues grew by 63% in 2021, bolstered by the launch of its new Sell Your Car service allowing consumers conveniently to sell their old cars to trade partners online.
The multi-million pound strategic media-for-equity deals with ITV Adventures Invest and Channel 4 Ventures come as part of a long-term plan to invest heavily in TV advertising to promote the Sell Your Car Service.
carwow founder and CEO, James Hind says: “Having such strong growth in 2021, despite the huge issue the new car market is facing, is a testament to our talented, growing team and our ability to offer great new services to consumers and partners across our markets.
“Whilst we’re investing considerably in our Sell Your Car technology and team, our new media-for-equity deals will enable us over the coming years to tell even more people about how we can help them when it comes to changing cars.”