Carwow had grown from a team of two to five employees with some angel funding, but they knew that they needed institutional backing to improve the service and grow the business into a nationally recognised brand.
Success Story
| Region/Nation | London |
|---|---|
| Programme | Enterprise Capital Funds |
| Partner |
Carwow had grown from a team of two to five employees with some angel funding, but they knew that they needed institutional backing to improve the service and grow the business into a nationally recognised brand.
They raised equity finance from Episode 1 Investments LP, which is one of the Enterprise Capital Funds supported by the British Business Bank.
Carwow raised a total of £1.3m from Episode 1 and other investors. That money funded a raft of product development hires and additional sales people.
The initial funding from the Episode 1 team meant that we were able to develop our offering and the support they have given us in the form of equity funding and advice has helped fuel our growth - James Hind Founder and CEO of Carwow
The company started off as a team of 2, and now employs over 30 people, having subsequently raised a further £4.5m from other investors.
James says Carwow is “well on its way to achieving national dominance”, helped by a recent TV ad campaign:
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