By Lubna Hamdan / Arabian Business - Image Credit: MAGNiTT
SOURCE: Arabian Business - Dubai-based CarSwitch.com raises additional $1m in funding
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.