Amman: CarSeer, the sole comprehensive vehicle history reporting platform in the MENA, has raised a pre-Series A funding from Arzan Venture Capital, in support of the start-up’s expansion efforts in the Gulf area.
Founded by Hashim Hasan and Amjad Al-Zabin in 2015, CarSeer provides assistance in the assessment of used cars with the aim of protecting the public, insurance firms and financial institutions from misleading information. CarSeer reports are the first ever vehicle history reports issued in Arabic language (the reports are bilingual).
The start-up has built a comprehensive vehicle history database consisting of millions of records from trusted sources such as automotive agencies, government departments and insurance firms. The data comes from USA, Europe, Japan, South Korea and local sources. Each CarSeer report is certified by Jordan Customs and Emirates Authority For Standardization & Metrology, both of which accept CarSeer reports as a basis for assessing the suitability of vehicles for road use in each country.
CarSeer has recently signed a number of agreements with Jordan’s government and Jordan Insurance Federation for developing new automotive services. In addition, the start-up has launched a new product called MyCarseer, which offers free services related to car owners, such as managing maintenance records, monitoring traffic violations, insurance services and others.
Amjad Al-Zabin, Co-Founder of CarSeer, said: “This investment marks the launch of CarSeer’s vehicle history reporting beyond the borders of Jordan. We are looking forward to grasping this opportunity and achieving our vision of becoming the focal source of information on used cars in the region.”
Laith Zraikat, Partner at Arzan Venture Capital, commented on the investment: “ ‘Am I getting my money’s worth?’ This is the big question on the mind of every used car buyer. CarSeer fills the huge information gap and helps answer this question by building the region's largest and most comprehensive cross-border vehicle history report database. COVID has affected the used cars market negatively in terms of overall transactions, but, at the same time, it created an opportunity for CarSeer to digitize one of the crucial parts of the transaction while reducing unnecessary physical interaction and saving time.”
For more information visit https://jo.carseer.com/ .
CarSeer is an online platform and a mobile application that uses API integrations with governmental entities, maintenance centers and insurance companies to generate a bilingual (Arabic and English) vehicle history report using the vehicle's VIN/Chassis number. Based on the report, information asymmetry can be reduced between used car buyers and sellers. Besides, CarSeer provides them with an estimated fair market value. The vehicle history report includes information related to the vehicle's accidents, maintenance records, odometer readings, insurance records, tickets and ownership records. CarSeer is currently operating in Jordan.
About Arzan Venture Capital:
Arzan Venture Capital (@ArzanVC) is a Kuwait-born VC firm that has been investing in startups with a MENA angle since 2014, making it one of the earliest VC firms in the region. Arzan VC's portfolio includes 30+ startups. The firm invests in young, fast-growing and innovative tech teams and it remains committed to building long-lasting relationships with the region’s most talented entrepreneurs at an early stage.
© Press Release 2021