Pre-seed equity, debt funding raised by Egyptian auto-tech startup Carzami
With a scalable inventory financing facility and a pre-seed round headed by Contact Financial Holding, the Egyptian startup Carzami has secured funding to disrupt the used automobile industry in Egypt. By 2024, the company aims to generate US $30 million in sales.
Hussein and Adham Hosny co-founded Carzami in 2022, a website that enables people to purchase and sell used automobiles from the convenience of their homes. Carzami provides access to certified pre-owned vehicles with 360-degree virtual tours and inspection reports. Any automobile may be ordered by a customer and delivered to their home for a test drive before being purchased with various finance and insurance choices.
The startup will be able to increase its inventory, expand its fleet of delivery haulers, improve its operational technology, assemble a strong team, and construct a cutting-edge reconditioning facility thanks to the strategic investment from Contact Financial Holding, a leading provider of non-bank financial solutions and services. Carzami will make use of the cash to enhance its organizational effectiveness and expand on current services like auto finance.
“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.
The head of Contact Financial Holding, Hazem Moussa, stated that his company has believed in digitizing the Egyptian car sector from its inception.
“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.
