CarSwitch.com was initially launched with the aim of helping people who’re interested in buying or selling cars. Well, the startup has now raised US $1.3 million from Glowfish Capital, a Dubai-based venture capital firm that invests in the region’s early-stage businesses.
With Glowfish’s fund, the startup CarSwitch is going to develop its technology and “keep up with [the] surging demand.” They’re aiming to achieve that through launching an “online car valuator”, a tool that’s going to help customers estimate the fair value of the car being sold or bought, as well as provide a scaling platform to support customers end-to-end needs in buying or selling vehicles.
When asked about Glowfish’s fund, Ali Malik said that they both had the same vision and shared ” a lot of the same DNA. “We’re both very passionate about tackling large market inefficiencies, and share similar exciting aspirations for the regional used cars opportunity ($20 billion per year, predominantly locked in traditional channels),” he noted.
To read more about CarSwitch, click here.