Carzami, Egypt’s Online Retailer for Used Cars Receives Pre-Seed Investment from Contact
Carzami, Egypt’s online retailer for high-quality used cars and vehicle financing has raised an undisclosed sum in a pre-seed round from Contact Financial Holding, Egypt’s largest non-bank financial services provider.
Its scalable inventory financing facility, which it intends to use to transform Egypt’s, used car market, with a revenue target of $30 million by 2024. Carzami is also poised to launch its innovative model for a digital car dealership, in addition to providing critical vehicle financing and insurance options.
Carzami intends to revitalize the Egyptian used car market by offering consumers an online platform with certified and reconditioned used cars, 360-degree virtual tours, and inspection reports. Customers can order any car they want to test drive and then purchase with financing and insurance options delivered to their door.
The startup will use the funds to develop its inventory, expand its fleet of delivery haulers, improve operational technology, build a productive team, and construct a modern reconditioning facility. Importantly, Carzami will use the funds to improve organizational efficiency and expand existing functions such as vehicle financing.
Carzami hopes to gain a competitive advantage by providing exceptional services and increasing consumer trust. This will be accomplished by launching the 30-day Carzami Protection Program and a 7-day “Test to Own” service, in which potential buyers can test drive a vehicle for 7 days/200 kilometers before making a decision. Finally, they have the option of receiving a full refund or trading in their item for another. Carzami’s goal here is to ensure that customers get good value for their money. Carzami aspires to be a pioneer in the used car industry by providing consumers with first-rate services.
What the Stakeholders are Saying
“We aim to change the way people buy and sell used cars by providing a seamless one-stop-shop platform that offers online buying, selling, and high-quality financing options,” said Carzami co-founders, Hussein Hosny and Adham Hosny. Our experience is all about trust and transparency, allowing customers to avoid the hassle of traditional dealerships.”
Hazem Moussa, Chairman of Contact Financial Holding said “Our faith in digitizing the automotive market in Egypt has been with us from our early years, we launched contactcars.com in 2002 as the first car marketplace and community for both new and used cars. In addition, Contact pioneered financing of used cars over 10 years ago, now we believe we can support Carzami in its quest to re-invent the used car purchase experience.”
While, Said Zater, CEO of Contact Financial Holding added “Our support to Carzami comes as a part of our continuous effort to connect with the startup scene in all aspects we can complement their work with. We believe in the ongoing digitization of services led by exciting startups like Carzami”.
About Carzami
Hussein and Adham Hosny, seasoned automotive entrepreneurs, co-founded Carzami this year to address the issues associated with buying and selling used cars. They describe themselves as an online venture that assists clients in navigating the time-consuming process of buying and selling used cars from the comfort of their own homes. Carzami’s mission is to improve the Egyptian used car market by providing certified used cars with 360-degree virtual tours and inspection reports. Customers can order any car they want to test drive and then purchase with financing and insurance options. Carzami, as a leading player in Egypt, introduces a brand-new way of transacting used cars that is efficient, transparent, convenient, and exuberant.