Vehicle Financing Marketplace Carzami Secures Undisclosed Pre-seed Funding

Date:


A pre-seed round has been secured by the used automobile marketplace Carzami, which is based in Egypt. The sum raised wasn’t made public.

To transform Egypt’s used car market and reach its goal of $30 million in sales by 2024, Carzami, an online retailer for high-quality utilized cars and vehicle financing, recently announced the close of a pre-seed round headed by Contact Financial Holding and the creation of a scalable inventory financing facility.

Carzami is an online marketplace for purchasing and selling secondhand vehicles that provides its clients with 360-degree virtual tours and inspection reports. It was established in 2022 by Hussein Hosny and Adham Hosny.

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With this significant investment from Contact, the biggest non-bank financial services provider in Egypt, Carzami will be able to provide its cutting-edge approach to a digital car dealership and give essential alternatives for auto insurance and financing.

Through an online marketplace that offers licensed and refurbished used cars with 360-degree virtual tours and inspection reports, Carzami seeks to stabilize the used car industry in Egypt.

Customers can request delivery of any car they desire to test drive, then order with financing and insurance choices.

Carzami is aware that the fragmentation and mistrust that define the used car market are not favorable for company expansion.

Carzami hopes to continue expanding its inventory with the money it has received. In addition, Carzami wants to increase the number of delivery trucks in its fleet, improve operational technology, develop a productive workforce, and construct a cutting-edge refurbishing facility.

Significantly, Carzami will make use of the cash to improve organizational effectiveness and expand on current services like auto loans.

Carzami aims to outperform its rivals by delivering outstanding services and fostering its existing base of client confidence.

The 30-day Carzami Protection Program and a 7-day “Test to Own” service, which allows potential customers to test drive a car for 7 days/200 kilometers before making a decision, will be introduced to accomplish this.

Finally, customers can exchange it for another or receive a complete refund. Carzami wants to make sure that customers get value for their money in this situation.

By providing customers with top-notch services, Carzami hopes to lead the used automobile market.

Hussein Hosny and Adham Hosny, two seasoned automotive entrepreneurs, co-founded the company in 2022. To solve the issues with purchasing and selling secondhand cars, they launched this business.

They identify as an internet business that guides customers through the laborious purchasing and selling of secondhand cars.

Hussein and Adham both have a wealth of expertise in the automobile industry. In collaboration with Synapse Analytics, which is currently also a partner in Carzami, the pair co-founded Sa3ar, Egypt’s first data pricing engine for used automobiles.

Carzami is preparing to be an industry leader for automotive demands and needs across the region with the help of additional team experience from BMW, Mercedes, and Porsche.

Techbuild’s Take

It’s harder than ever to find folks who are purchasing or selling used autos. Other than the local newspaper or word of mouth, there are various options available today.

Due to the development of the internet and technology, customers are now fixated on chances to do tasks in the easiest and fastest manner feasible.

Furtherthermore, these platforms offer a facility for testing and reconditioning, in addition to helping you sell your old car. Buyers may be confident that the used cars they bought are insured, just like when buying a new car.

Hussein Hosny and Adham Hosny, the founders of Carzami, stated that their company intends to revolutionize the way people purchase and sell used automobiles by offering a convenient one-stop platform with online buying, selling, and high-quality financing alternatives.

The company’s approach emphasizes trust and openness, which helps customers avoid the hassles associated with conventional dealerships.


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