Dubai-based startup Seez raises $6 million in Series A funding round
Seez, the 3-year old tech startup facilitates the car shopping journey for buyers through its app, has raised $6 million in an “over-subscribed” Series A funding round that included Wamda, several strategic automotive partners, German VC, Crealize, B&Y Venture Partners, Phoenician Funds and several angel investors. Seez had previously raised $3.2 million over two rounds, bringing its total funding to date to $9.2 million.
The funding will go towards several new verticals that tap into the $10 billion second-hand automotive market in the UAE, as well as other regional markets. One new Seez service is an online buying option that allows users to purchase cars entirely online. Seez Cross-Border Car Shopping, a fully digital car import/export service, makes it possible for people in other countries to buy cars from the UAE using the app. Of the approximately 275,000 used cars sold in the UAE in 2019, close to half were for export outside the country (120,000 cars) — an unaddressed market with substantial potential.
The alliances forged between Seez and its strategic partners — regional automotive heavyweights who distribute a total of 9 top global car brands — fuels the startup’s product development while supporting the industry in its digital transformation, which means more disruptive and unique offerings for consumers.
Over the past 3 years, the Seez app has grown to 1 million users and expanded to 5 countries. With almost 500k cars listed on its platform, it serves as the largest car catalog in the region. As the company adds new services, it aims to benefit from synergies across various markets.