Dubai-based raises additional $1m in funding

By Lubna Hamdan / Arabian Business - Image Credit: MAGNiTT


SOURCE: Arabian Business - Dubai-based raises additional $1m in funding

Dubai-based marketplace for certified vehicles 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.