The former managing director of Motoring Services at the RAC has added financial backing to help fund the growth of used vehicle database Cazana.
Venture capitalist organisation Fernbrook Partners, operated by Robert Diamond, has further boosted the ambitions of the business following the recent arrival of ex Glass’ man Rupert Pontin and the addition of Diamond as an advisor last month .
The new funding is part of a wider £1.75m boost for the business which a statement from Cazana claims will allow it to continue its “impressive growth plans”, further building its influence and relationship with leasing companies, fleets, OEMs, and dealerships.
Pontin, Cazana’s director of valuations, said: “It’s great to have the backing of Robert Diamond, who is a highly respected name in the motor trade.
“He brings a wealth of knowledge relating to the management and analysis of data and his support will enable us to help more businesses understand vehicles better and improve our platform for consumers.”
Diamond is best known in the motor trade for the prominent role he played in the acquisition, turnaround and sale of RAC between 2011 and 2017, the statement said, adding: “In his executive role as managing director of Motoring Services, he oversaw RAC’s database of 8.2 million members, in addition to running six other businesses.”
Today, Diamond is the founder of Fernbrook Partners, which oversees a private portfolio covering early-stage retail technology and lifestyle investments; commercial property acquisition, development and leasing, as well as several businesses relating to classic cars.