By Sam Bridge
The round of financing will enable Seez to grow and access the $10bn second-hand online automotive industry in the UAE
Wamda, the Dubai-based start-up ecosystem enabler, has boosted its investment in car buying app Seez, which raised $6 million in its Series A funding round.
The round was oversubscribed by five times and attracted an investment pool, which also included several strategic automotive partners, in addition to German VC Crealize, B&Y Venture Partners, Phoenician Funds and several angel investors.
Founded by Tarek Kabrit and Andrew Kabrit in 2016, Seez facilitates the car shopping journey through its app, which offers a smart search engine for car listings and proprietary, AI-powered pricing and negotiation tools.
The Seez app has grown to more than a million users with almost 500,000 cars listed on its platform available across five countries.
The round of financing will enable UAE-based Seez to grow and access the $10 billion second-hand online automotive industry in the UAE, as well as other markets in the Middle East and North Africa.
“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."
Approximately 275,000 used cars were sold in the UAE in 2019, of which almost half were for export, Seez said, adding that the latest round of financing will enable it to introduce a service that offers a fully-digital, cross-border car shopping experience.
“From the very beginning, we have been using technology to change how people shop for cars. During the first three 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 these exciting new services we want to launch,” said CEO Tarek Kabrit.
The start-up had previously raised $3.2 million over two rounds, bringing its total funding to date to $9.2 million.