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Carwow poised for Silicon Valley cash injection

CarWow is rumoured to be in detailed talks with early Facebook investor Accel Partners to inject over £10 million into the company.

According to Sky News, Carwow, which lists new car deals and takes a commission from the dealer when a vehicle is sold from its platform, the investment would accelerate growth plans in the UK and internationally.

Accel has a history of funding digital startups, injecting £8m into Facebook when the company started out and it has also owned a stake in Dropbox.

An Accel spokeswoman refused to comment.

Carwow recently launched a new “in-stock” feature which lets dealers upload their new car stock lists to the website for free.

The feature charges dealers a flat £250 fee when a stock car is sold, rather than them paying a fee in advance for uploading stock.

If customers are interested in a stock car, they can either enquire directly through the Carwow system or call the dealer, quoting a reference code displayed on the site.

Carwow says 30% of cars sold through its website are from models dealers already have in stock.

Carwow has 50,000 car buyers registered to its website and says it helped sell 10,000 cars this year.

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