Grace Ashiru
Carzami, an Egyptian online retailer for second-hand vehicles and vehicle financing, has just completed a pre-seed funding round headed by Contact Financial Holding, Egypt’s largest non-bank financial services provider. The amount of funding that was raised has not been released.
Carzami’s mission is to revitalize Egypt’s pre-owned vehicle market by providing certified pre-owned vehicles that come equipped with 360-degree virtual tours and inspection reports.
Customers can request any vehicle of their choosing to be brought directly to their front door so they can test drive it before purchasing the vehicle, along with various finance and insurance choices. Carzami plans to utilize the funds to improve the organizational efficiency of the business and expand upon the activities already in place, such as vehicle finance.
Carzami will also use the cash to continue expanding its inventory, increase the size of its fleet of delivery haulers, improve its operating technology, hire additional people, and construct a cutting-edge reconditioning facility.
The company wants to stand out from its competitors by offering services like the 30-day Carzami Protection Program and a 7-day “Test to Own” service where potential buyers can try out a vehicle for 7 days/200km before buying it. If customers are dissatisfied, they can receive a full refund or exchange the tested vehicle for another. Carzami wants to make sure that customers get good value for their money.
In a statement provided to TechCabal, Hazem Moussa, Chairman of Contact Financial Holding, stated, “Our faith in digitizing the Egyptian car business has been with us since our early years.”In 2002, we introduced the world to the very first online marketplace and community dedicated to new and pre-owned automobiles by launching contactcars.com.
In addition; Contact was a pioneer in the industry more than ten years ago when it came to financing old cars. Now that we have more information, we are confident that we can provide our assistance to Carzami in its mission to reinvent the process of buying a used car.
Said Zater, the CEO of Contact Financial Holding agreed with the Chairman. He said, “Our support for Carzami is part of our ongoing effort to connect with the startup scene in any way we can to help their work.”We are optimistic about the ongoing digitization of services driven by innovative new businesses such as Carzami.
Carzami, which was established in 2022 by Hussein Hosny and Adham Hosny, plans to make use of the money to increase its annual revenue to $30 million by 2024.
Hussein and Adham bring a plethora of knowledge and experience to the field of automotive manufacturing. In partnership with Synapse Analytics, the two individuals were instrumental in establishing Sa3ar, Egypt’s first data pricing engine for used autos.
With the assistance of additional team members who have experience working for BMW, Mercedes, and Porsche, Carzami is positioning itself to become an industry leader in meeting the demands and expectations of the automotive sector throughout the region.
Hussein Hosny and Adham Hosny, the founders of Carzami, said about the funding, “We want to change the way people buy and sell used cars by giving them a one-stop-shop platform that lets them buy, sell, and get good financing all in one place.”
Customers can avoid the headache of traditional dealerships thanks to our user-friendly platform, which is built on the principles of trust and openness.
