Carzami, an Egypt-based autotech startup that is offering a platform to buy, sell, and access vehicle financing options, has raised an undisclosed amount in its pre-Seed funding round led by Contact Financial Holding alongside an inventory financing facility, in a mixture of debt and equity.
- The startup aims to grow its inventory with the funding, expand its fleet of delivery hauliers, increase its talent team, and build a modern reconditioning facility, it claims. It will also use the fund to improve its operational efficiency and financing options.
- Founded in 2022 by Hussein Hosny and Adham Hosny, Carzami is an autotech platform dealing in selling, buying, and offering financing options for used cars in Egypt. The startup focuses on removing bottlenecks, distrusts, and barriers facing the purchase and sales of used vehicles by providing its one-stop shop for vehicle financing.
- With this raise, the startup plans to penetrate and transform Egypt's used car market and reach $30 million in revenues by 2024. It aims to use trust-building as leverage over its competitors– the startup will allow buyers to test a car for up to 7 days and decide to buy, opt for a refund, or trade for another.
- The founders are experts in auto technology and they co-founded Sa3ar, a data pricing engine for used cars and currently work with talents from BMW, Mercedez, and Porsche to scale their used car market transformation in Egypt.