Dubai-based marketplace for certified vehicles CarSwitch.com has secured an additional $1m investment led by Dubai Angel Investors and boutique venture capital firm Glowfish Capital.
The firm will later launch a broader series A closer to the end of 2018 as it looks towards regional expansion outside the UAE.
In the past 16 months, it has received over $2m in investment, during which it grew more than 600%, interacted with 20,000 used car sellers in Dubai and partnered with several franchise agencies to market their new cars.
CarSwitch aims to disrupt the $50b regional car market by cutting out high-cost middlemen (dealers) and offer sellers and buyers more value and convenience.
For used car sellers, the platform takes on inspecting, warranting, photographing, advertising, collecting calls, filtering prospective buyers, attending test drives and handling paperwork.
For buyers, it provides the results of the 200 point inspection online.
The platform also assists buyers and sellers with insurance, financing and transferring ownership.
It was founded in 2016 by ex-McKinsey & Company consultants Imad Hammad and Ali Malik.
CarSwitch now sells a car in less than three test drives on average, with a 90% satisfaction rate, according to founder and CEO Imad Hammad.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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