Peach Cars, an auto marketplace based in Kenya, has announced the successful completion of a seed funding round, raising $5 million.
The funding was led by The University of Tokyo Edge Capital Partners (UTEC) from Japan, along with participation from notable angel investors including Shintaro Yamada (founder and Chief Executive Officer of Mercari), Peter Kenevan (VP, Head of Japan at PayPal), and Hiroaki Ohta (general partner at Japan’s Waseda University Ventures).
Established in 2020 by Kaoru Kaganoi and Zachary Petroni, Peach Cars aims to enhance trust, transparency, and customer experience in the growing used-vehicle market across Sub-Saharan Africa.
The company intends to revolutionize car ownership in Africa by providing a secure, transparent, and convenient platform for transactions.
Peach Cars utilize a combination of technology and expert knowledge to offer buyers peace of mind when purchasing a used car.
Their platform incorporates a comprehensive vehicle inspection system and a team of experienced mechanics who can provide additional insights and recommendations.
Aside from facilitating safe and transparent transactions, Peach Cars offer various value-added services such as financing, insurance, and maintenance, making the car ownership process more affordable and convenient for buyers.
While currently available in Kenya, Peach Cars has plans to expand its operations to other countries in Sub-Saharan Africa soon.
The company aspires to become the leading online marketplace for used cars in Africa.
Chief Operating Officer (COO) of Peach Cars, Zachary Petroni believes that “The used-vehicle market in Africa is ready for disruption due to its fragmented and inefficient nature, as well as the lack of trust between buyers and sellers.”
The company aims to address these challenges and establish itself as the go-to platform for used cars in Africa.
The funding secured by Peach Cars will be allocated towards scaling the business, hiring additional talent, and focusing on research and development.
The company aims to utilize the funds to develop new features and services, as well as expand into new markets.
Peach Cars possess favourable prospects in the African market, supported by a strong team with a proven track record and backing from prominent investors.
With its innovative platform and value-added services, Peach Cars is poised to revolutionize the process of buying and selling cars in Africa.