Auto startup Carzami has closed a pre-seed funding round led by an Egypt-based leading nonbank financial institution to bolster its digital auto-retail model, financing and insurance services.
Co-founded this year by auto entrepreneurs Hussein and Adham Hosny, Carzami did not disclose the amount raised, but said the equity and debt funding was a strategic investment from Contact Financial Holding, which owns and operates a leading auto marketplace, ContactCars.com, in Egypt.
The auto startup buys and sells used cars, claiming a USP in “offering certified used cars with 360-degree virtual tours and inspection reports.”
Following its introduction of digital auto retail and transactional services in the used-car market, Carzami is eyeing $30 million U.S. in revenue by 2024, according to a media statement.
“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. Our experience is all about trust and transparency, allowing consumers to overcome the hassle of traditional dealerships,” said the co-founders.
Hazem Moussa, chairman of Contact Financial Holding, added, “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 the 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.”