Peach Cars Secures $11 Million to Fuel Expansion in Sub-Saharan Africa
Kenyan automotive tech startup Peach Cars has successfully raised $11 million in a new funding round, signaling significant investor confidence in its mission to transform car ownership across Sub-Saharan Africa. The funding will be instrumental in scaling its operations and further developing its innovative solutions for the pre-owned vehicle market.
Investment Details and Strategic Partnerships
The latest investment was spearheaded by Suzuki Global Ventures (SGV), highlighting the strategic interest from major players in the automotive industry. The Japan Bank for International Cooperation (JBIC), Gogin Capital, and the University of Tokyo Edge Capital Partners (UTEC) also participated, including a follow-on investment from UTEC. This round builds on Peach Cars’ previous success, including a $5 million seed funding round last year led by UTEC, with participation from prominent angel investors such as Mercari’s founder and CEO Shintaro Yamada, PayPal’s VP, Head of Japan Peter Kenevan, and Waseda University Ventures’ general partner Hiroaki Ohta. Founded in 2020 by Kaoru Kaganoi and Zachary Petroni, Peach Cars has also partnered with Umba Microfinance Bank to provide accessible 24-hour car financing options, making car ownership more attainable for a broader customer base.
With this fresh injection of capital, Peach Cars is well-positioned to further disrupt the pre-owned car market in Sub-Saharan Africa, offering a more transparent, reliable, and accessible pathway to vehicle ownership. The company’s innovative approach and strategic partnerships are set to drive significant growth and impact within the region’s automotive landscape.
Keywords
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