Kenyan e-commerce company revolutionizing car ownership in sub-Saharan Africa, Peach Cars has raised $5 million in seed investment round.
The seed round was led by Japan-based The University of Tokyo Edge Capital Partners (UTTEC) and other angel investors which include Peter Kenevan (VP, Head of Japan at PayPal), Hiroaki Ohta (general partner at Japan’s Waseda University Ventures), and Shintaro Yamada (founder and CEO of Mercari).
Speaking on its investment in the company and the lead investor in the seed round, Principal at UTEC, Kiran Mysore said,
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“Peach is pioneering the most customer-centric, trustworthy, and advanced used-car platform in Sub-Saharan Africa by coupling their operational excellence with smart IoT devices and data analysis. UTEC is proud to partner with Peach and foster Japan-Africa collaboration by augmenting Peach with Japanese automotive expertise and network”.
Peach Cars was founded in November 2020 by Kaoru Kaganoi and Zachary Petroni to build a solution for those looking to buy and sell vehicles, providing them with quick, secure, and hassle-free transactions.
The company generates revenue by collecting service fee on commissions on successful transactions between seller and buyers. It also gets additional revenue streams from providing value-add services, which includes administrative work for transactions on agreements, inspections, change of ownerships, secured payment and handovers
It is focused on the market for locally-used vehicles and thoroughly inspects all vehicles through its pipeline to ensure buyers have full information and can make the right decision.
Peach Cars is building the infrastructure to power improved trust, transparency, and customer experience in the growing used-vehicle market across Sub-Saharan Africa to revolutionize car ownership.
At inspections, Peach Cars take a deep dive into the vehicles customers indicate an interest in. They go ahead to evaluate the condition and report on major mechanical systems of the vehicle.
They also go as far as updating customers on the mileage at the time of export and even go above and beyond to provide them with a full diagnostic report, including recommendations on immediate repairs and value.
The company claims to have developed a smart engine check device that utilizes Peach’s proprietary-built software to automate its car inspection process
Also, Peach Cars provides customers with all the exciting stuff that comes with owning a new car which includes, Car insurance Car loans, General servicing as well as ongoing maintenance and repairs, and Automotive education.
The company’s remarkable offerings have seen it emerge as Kenya’s one-stop-shop for all things cars.
It has since added additional services, including vehicle servicing and maintenance and several others, where it creates value for its customers through best-in-class information sharing and customer service. Peach Cars currently has over 200+ happy customers and is being backed by global investors.
The automotive marketplace company has also partnered with industry leaders in insurance, maintenance, finance, and spare parts supply, to address customer needs at all points in their car ownership experience under their Car Care Department.
Peach Cars have continued to improve its offerings, by setting its sights set on bigger and better things, leveraging cutting-edge technology, robust offline operations, and customer service excellence to build a customer-focused ecosystem around buying, selling, and maintaining cars.