GLOBAL INVESTOR
CarZar gets $1.5m expansion funding
Car-buying service secures funding from Nasdaq Stockholm-listed Vostok New Ventures
Car-buying service CarZar.co.za has secured $1.5m in funding from Nasdaq Stockholm-listed Vostok New Ventures in a move that will boost the company’s expansion plans. CarZar, which started operating in 2016, is an online car-buying service for the secondhand car-trade industry. CarZar joint MD Fernando Pinheiro said the company would use the funding to improve "customer experience, as well as boosting marketing, and recruiting more talents to join the international team". CarZar enables owners who want to sell their vehicles to post their car details online. CarZar’s unique algorithm will then instantly generate an estimated selling price for the vehicle. If the sellers are happy with the estimate, they can book free CarZar inspections. The company has a presence in Cape Town, Johannesburg and Durban. Pinheiro said consumer education was one of the biggest challenges CarZar had faced so far. "South Africans are proving to be ready to welcome new ways of ‘getting stuff done’." With t...
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