South African e-commerce startup CarZar has raised a funding round from Swedish investment firm Vostok New Ventures to improve its customer experience, increase marketing and build its team.
Launched last year, CarZar uses national data to provide fair, statistics-based pricing and offers sellers a safe and convenient way of selling previously owned vehicles, while answering the increased demand from the local vehicle trade for stock.
The investment from Vostok New Ventures, which is part of larger funding round, sees CarZar obtain backing from a company that has funded globally successful tech brands such as BlaBlaCar and Gett.
The startup is also backed by Silvertree Capital and third undisclosed UK-based investor focusing on emerging markets. Joint managing director Fernando Pineiro said the investment was a fantastic opportunity, and would help CarZar improve customer experience, as well as boosting marketing and recruiting more talent.
“We see technology being our key differentiator and main driver of growth. Additionally, we foresee territorial expansion in South Africa, introducing our services to even the smallest of towns,” he said.
