Startup Swipcar, invested in IESE’s Business Angels Network, is acquired by Cazoo as it pushes for European expansion.

The startup Swipcar, led by Julio Ribes (EMBA 16), presented at the 136th IESE Business Angels Network Investment Forum, and was invested in by a group of IESE alumni.

  • Swipcar is a leading Spanish digital car subscription marketplace
  • Based in Barcelona with growing presence in Italy and Portugal
  • Offers a wide selection of cars for all-inclusive monthly payment
  • Team of almost 100 people with strong digital & auto experience
  • Extensive commercial relationships with OEMs/leasing companies
  • Deal will accelerate Cazoo’s planned launch in Spain & Italy in 2022

Cazoo (NYSE: CZOO), Europe’s leading online car retailer, which makes buying and selling a car as simple and seamless as ordering any other product online, today announced that it has acquired Swipcar, Spain’s leading consumer car subscription marketplace.

Founded in 2018, Swipcar has grown to a team of around 100 staff based in Barcelona and offers a wide selection of cars available from various leasing company partners for an all-inclusive single monthly subscription payment which includes the car, insurance, maintenance, service and tax.

As well as operating in Spain, Swipcar has also recently launched in Italy and Portugal. The transaction will combine Cazoo’s market-leading brand and platform with Swipcar’s expertise and relationships in southern Europe and, once integrated, will accelerate the launch of Cazoo’s full proposition into these markets.

Cazoo is one of the fastest growing businesses in Europe, pioneering the shift to online car buying and selling and has already sold over 40,000 cars online since its launch in the UK less than 2 years ago, as well as becoming the leading consumer car subscription player in Europe.

Cazoo acquired Swipcar for €30 million for a mix of cash & Cazoo shares and the transaction is expected to have a negligible impact on Cazoo’s FY2021 operating results.

Alex Chesterman OBE, Founder & CEO of Cazoo said: “Swipcar has built a market-leading car subscription marketplace in Spain adding hundreds of new customers every month. This deal will enable us to accelerate our launch plans in Spain and Italy, offering consumers the option of buying, selling, financing or subscribing to a car entirely online. I look forward to welcoming Julio and his team to Cazoo and to working with them to deliver the best experience to consumers looking for their next car in Europe.”

Julio Ribes CEO of Swipcar, “I am very proud of the platform and team we have built at Swipcar. We have developed strong partnerships with thousands of loyal customers and key industry players. Cazoo has a clear vision and strategy that is fully aligned with ours and we are looking forward to joining forces and accelerating the launch of Cazoo and the digital transformation of the car buying, selling and subscription experience in Spain and across Europe.”