SA car sales startup picks up funding from Swiss private-equity firm
Local startup HiCarByeCar.com, which gives potential sellers the opportunity to receive the best offers from dealerships in their area, says it has received an eight-figure valuation from a Swiss private-equity and venture capital investor, following a fresh capital injection into the online company.
“We are very excited to have the backing of our international partners who have shown a key interest in growing our business and committing to this new business model,” said Michael Zahariev, the founder and CEO of HiCarByeCar.com.
Founded in 2016, the group said that it will use the fresh capital to expand its reach aggressively across the Gauteng region and eventually grow nationally.
“The HiCarByeCar platform is an automated solution for the middleman and creates the opportunity for dealerships to make informed purchasing decisions, focus on the stock they want, and make acquisitions directly from the seller,” said Zahariev.
“Research shows that when a dealership is making an offer on a car that fits their stock profile, they are willing to pay more for it.”
Read: Cape Town-based investment firm ploughs $4.5 million into SA startups
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