Egyptian startup Carzami, an online retailer for quality used cars and vehicle financing, has cloed a pre-seed round led by Contact Financial Holding, together with a scalable inventory financing facility, which it plans to use to transform Egypt’s used car market, targeting US$30 million in revenue by 2024.
Co-founded in 2022 by Hussein Hosny and Adham Hosny, Carzami is an online platform that allows users to buy and sell used cars from the comfort of their homes, offering access to certified used cars with 360-degree virtual tours and inspection reports. Customers can order any car they like to be delivered to their doorstep to test drive, then buy with financing and insurance options.
The strategic investment from Contact Financial Holding, a leading group in providing non-bank financial solutions and services, will allow the startup to grow its inventory, expand its fleet of delivery haulers, enhance its operational technology, build a productive team, and build a modern reconditioning facility. Carzami will also utilise the funding in optimising its organisational efficiency and building on the existing functions, such as vehicle financing.
“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,” the Carzami founders said.
Hazem Moussa, chairman of Contact Financial Holding, said his firm’s faith in digitising the automotive market in Egypt had been with it from its 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,” he said.