Egyptian online retailer of quality used cars and vehicle financing, has grabbed pre-seed funding led by Contact Financial Holding along with a scalable inventory financing ability. With this strategic investment, the company is positioned to launch its innovative model for a digital car dealership and offer crucial vehicle financing and insurance options.
Targets used car market
Carzami intends to use the funds to transform Egypt’s used car market targeting $30 million in revenue by 2024. The company seeks to continue growing its inventory, expand its fleet of delivery haulers, enhance its operational technology, build a productive team, and build a modern reconditioning facility. In addition, Carzami will utilise the funds to optimise its organisational efficiency and build on the existing functions, such as vehicle financing.
Hazem Moussa, Chairman of Contact Financial Holding, stated, “Our faith in digitising 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 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”.
Said Zater, CEO of Contact Financial Holding added, “Our support to Carzami comes as a part of our continuous effort to connect with the startup scene in all aspects we can complement their work with. We believe in the ongoing digitization of services led by exciting startups like Carzami”.
Carzami Founders, Hussein Hosny & Adham Hosny, commented, “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”.
Cazoo of Cairo
Carzami is a young startup founded in 2022 in Cairo by Hussein Hosny and Adham Hosny, seasoned entrepreneurs in the automotive space. They started the business to address the problems associated with buying and selling used cars. It aims to fix the Egyptian used car market by providing consumers with an online platform offering certified and reconditioned 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, and then purchase with financing and insurance options.
Unlike its competitors, Carzami provides exceptional services and builds on consumer trust. It offers a30-day Carzami Protection Program and a 7-day “Test to Own” service where potential buyers can try out a vehicle for 7 days/200km to make a decision. Ultimately, they can get a full refund or trade-in with another car. Carzami seeks to become a pioneer in the used car industry by offering top-of-the-line services to its consumers.
