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Carzami Targets $30M Revenue From Used Car Sales After Raising Equity And Debt Funding

Press Release

Sept. 5, 2022, 9:38 a.m.

Carzami, an online retailer for quality used cars and vehicle financing, has announced the close of a pre-seed round led by Contact Financial Holding, together with a scalable inventory financing facility, which it plans to use to transform Egypt’s used car market targeting $30 million in revenue by 2024.

With this strategic investment from Contact, Egypt’s largest non-bank financial services provider, Carzami is positioned to launch its innovative model for a digital car dealership while offering crucial vehicle financing and insurance options.

Carzami 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.

Carzami understands that the fragmentation and mistrust that characterizes the used car industry is unconducive for business growth. With the funding, Carzami seeks to continue growing its inventory. Along with that, Carzami is looking to expand its fleet of delivery haulers, enhance its operational technology, build a productive team, and build a modern reconditioning facility. Importantly, Carzami will utilize the funding to optimize its organizational efficiency and build on the existing functions, such as vehicle financing.

Carzami hopes to gain an advantageous edge over its competitors by providing exceptional services and building on its consumer trust. This will be achieved by premiering 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 to conclude. Ultimately, they can get a full refund or trade in with another. Here, Carzami aims to ensure that consumers get value for their money. Carzami seeks to become a pioneer in the used car industry by offering consumers top-of-the-line services.

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Hazem Moussa, Chairman of Contact Financial Holding, stated, "Our faith in digitizing 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, and 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 is 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”.

Co-founded in 2022 by Hussein Hosny and Adham Hosny, 2 seasoned entrepreneurs in the automotive space. They started this business venture to address the problems of buying and selling used cars. They define themselves as an online-based venture that helps clients to navigate the tedious process of buying and selling used cars.

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”.

Both Hussein and Adham boast extensive experience in the automotive space. The duo co-founded Sa3ar, Egypt’s first data pricing engine for used cars, in partnership with Synapse Analytics, which is now also a partner in Carzami. With additional team experience from BMW, Mercedes, and Porsche, Carzami is gearing to be an industry leader for car needs and requirements across the region.

About Carzami

Carzami is an online platform that solves the hectic process of buying and selling used cars from the comfort of your home. Carzami aims to fix the Egyptian used car market by offering certified 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, then buy with financing and insurance options. As a leading player in Egypt, Carzami introduces a brand-new way of transacting used cars with efficiency, transparency, convenience, and exuberance.

About Contact

Contact Financial Holding (Egyptian stock code CNFN.CA) is a leading group in providing non-bank financial solutions and services, managing a group of companies that provides a full range of financing and insurance products and services. Contact adopts an innovative approach to ensure the provision of its services of the highest quality in the fields of finance and insurance, with the easiest process to reach a wide segment of the market.

Contact Credit offers various financing programs to finance the purchase of new and used cars and vehicles, durable goods financing programs, home finance, and finishing programs through Contact Mortgage, and trade finance programs through its sister companies, Contact Leasing and Contact Factoring. Contact also provides insurance services through Sarwa Insurance and Sarwa Life Insurance. The company is also the first and largest issuer of securitization bonds in various fields in the Egyptian market. Contact Financial Holding Company LLC. is licensed and regulated by the Financial Regulatory Authority.

tag: Africa, Funding, Carzami, press release, Startup, Transportation, Fundraising, cars, Egypt, Automotive,

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