UAE-based automotive start-up Seez, which makes shopping for cars easy and accessible through its app, has managed to raise $6mn in a Series A funding round, it was announced on Monday.
The funding round, which is said to have been oversubscribed five times over, included investors such as Venture capital (VC) firm Wamda, German VC Crealize, Lebanon-based B&Y Venture Partners, Phoenician Funds and several angel investors.
The automotive startup has also previously raised $3.2m in two erstwhile rounds, bringing its total funding to $9.2m.
The capital raised will see the three-year-old automotive start-up grow and access the $10bn online used-automotive industry in the UAE and other MENA (Middle East and North Africa) markets, according to the statement.
Commenting on the news, Tarek Kabrit, CEO – Seez, said, “From the very beginning, we have been using technology to change how people shop for cars. During the first three years, we focused on building our product and growing our user base. Now, we are leveraging this platform and using it as a launchpad for all these exciting new services we want to launch.”
The Seez mobile app has more than a million users with nearly 500,000 cars listed on its platform available across five countries. The company also recently launched Seez Cross-Border Car Shopping, a fully-digital car import/export service that allows people in other countries to buy cars from the UAE using the app.
