Kenyan automotive marketplace Peach Cars has raised $5 million in a seed funding round led by The University of Tokyo Edge Capital Partners (UTEC) and other angel investors. The platform, founded by Kaoru Kaganoi and Zachary Petroni, aims to democratize car ownership in sub-Saharan Africa by addressing the lack of price transparency and information asymmetry in the used car market. Peach Cars plans to use the funding to expand its business, hire more talent, and focus on research and development to enhance its tech solutions. The company has developed a smart engine check device and a 225-point inspection system to provide accurate reports on vehicle systems. Peach Cars generates revenue from service fees, commissions, and value-added services such as administrative work, inspections, and payment management. The platform currently generates over $200,000 in gross merchandise value (GMV) monthly and plans to launch a near-fully automated inspection center in 2024.
Read more on TechCrunch