Total amount raised
Latest funding date
Location
CarSwitch has established itself as a prominent platform for buying and selling used cars in the UAE, offering a range of services to facilitate smooth transactions. The platform provides two main services: Safe Switch, where CarSwitch handles everything from inspection to negotiation, and Self Switch, allowing users to manage their own listings.
Keep reading to explore the intricacies of CarSwitch's fundraising journey and the investors backing this innovative platform.
What Is CarSwitch?
CarSwitch is an online platform that facilitates the buying and selling of used cars in the UAE. The company operates within the automotive industry, specifically focusing on used car transactions. CarSwitch's head office is located in JLT, Dubai, UAE.
CarSwitch offers two main services: Safe Switch, where the company handles everything from inspection to negotiation, and Self Switch, allowing users to manage their own listings. The platform aims to provide a smooth and efficient experience for both sellers and buyers, ensuring that cars are sold at competitive prices.
How Much Funding Has CarSwitch Raised?
- Seed Round
- Amount Raised: $500,000
- Date: January 2017
- Lead Investors: BECO Capital
- Series A
- Amount Raised: $1.3 million
- Date: June 2018
- Lead Investors: BECO Capital, Wamda Capital
- Series B
- Amount Raised: $5 million
- Date: October 2019
- Lead Investors: BECO Capital, Wamda Capital, STV
In total, CarSwitch has raised $6.8 million in funding.
Key Investors
- BECO Capital
- Details: BECO Capital is a venture capital firm based in Dubai, UAE, known for investing in early-stage technology companies in the MENA region. They aim to support entrepreneurs with capital, mentorship, and strategic guidance.
- Investment Focus Areas: Technology, Fintech, E-commerce
- Notable Investments: Careem, Property Finder, Swvl
- Wamda Capital
- Details: Wamda Capital is a leading venture capital firm in the MENA region, focusing on investing in high-growth technology and internet companies. They provide not only capital but also strategic support to their portfolio companies.
- Investment Focus Areas: Technology, E-commerce, Healthcare
- Notable Investments: Mumzworld, Fetchr, Twiga Foods
- STV
- Details: STV, or Saudi Technology Ventures, is one of the largest venture capital funds in the Middle East, backed by Saudi Telecom Company. They focus on investing in innovative technology companies that have the potential to scale globally.
- Investment Focus Areas: Technology, Fintech, E-commerce
- Notable Investments: Careem, Unifonic, Trukker
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