PHOTO
Seez, a Dubai-based automotive startup that helps customers buy and sell their cars, has raised $6 million in a 5x oversubscribed Series A round.
Dubai-based Wamda, Lebanon’s B&Y Venture Partners, Germany’s Crealize and Phoenician Funds were some of the venture funds involved in the funding.
Started in Lebanon by Tarek Kabrit and Andrew Kabrit, Seez now claims to have 1 million users and 500,000 vehicles listed on the platform.
Seez aggregates listings from different online platforms and its partners to list both new and used cars in the UAE, Kuwait, and Saudi Arabia, Pakistan & South Africa on its web and mobile-based platform. It features AI-powered pricing and negotiation tools.
“From the very beginning, we have been using technology to change how people shop for cars. During the first 3 years, we focused on building our product and growing our user base. Now we are leveraging this platform and using it as a launchpad for all the new services we want to launch,” Seez's CEO, Tarek Kabrit, said.
Seez had previously raised $3.2 million over two rounds, bringing its total funding to date to $9.2 million, a statement on its website said.
“Seez is working to support the automotive industry in the UAE by leveraging synergies across various regional countries, in an effort to further cross-border economic integration in Mena,” said Fadi Ghandour, executive chairman of Wamda.
"By targeting an unaddressed market with great potential, Seez is well positioned to become a game changer in streamlining the regional used car market, and we are happy to contribute to that process," he added.
(Writing by Seban Scaria, editing by Daniel Luiz)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2020
