SA tech startup CarZar scores global funding

South African tech-startup, has drawn investment from Nasdaq-listed firm, Vostok New Ventures.

The group did not disclose how much funding it received.

According to CarZar, the Vostok New Ventures investment is part of larger funding round, after the startup proved its economic viability to its funders.

The local startup is also backed by Silvertree Capital, the South-African based venture capital firm behind price comparison site PriceCheck, and online bottle store, CyberCellar.

CarZar is also backed by a third undisclosed UK-based investor focusing on emerging markets.

CarZar is an online car buying service for the second hand auto-trade industry in South Africa. The service works by linking sellers to potential buyers, and dealing with all the paperwork.

MD, Fernando Pineiro, said the investment from Vostok will allow the company to focus more on improving customer experience,boost marketing, and to recruit a bigger team.

Read: The cost of owning a car in South Africa is about to get a whole lot more expensive

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SA tech startup CarZar scores global funding