British autos marketplace CarWow has announced a new funding round which will see significant investment from German car manufacturer Daimler AG — parent company of the Mercedes-Benz brand.

CarWow wants to raise £25 million ($30 million U.S.) through a strategic funding round to invest in new staff, marketing and product development for its U.K.-based business. It is the first time CarWow has allowed strategic investors to have a stake in its business.

As part of the deal, Mercedes-Benz VP of sales Axel Harries (LinkedIn profile) will become part of CarWow’s board of directors.

“Having one of the world’s leading car manufacturers investing in the future growth and success of our business is a real proof point that this is a solution that works,” CarWow founder James Hind said.  “This demonstrates that the industry perspective is shifting to what we anticipated when we launched; not only that the car purchasing journey was primed to move into the digital era, but that dealers and manufacturers can greatly reap the benefits of more informed and empowered customers.”

Other investors in the funding round include Balderton, Accel, and Vitruvian.

James Hinds founded the business 10 years ago with co-founders Alexandra Margolis and David Santoro.

 

 

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