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South African startup achieves 8 figure valuation by international investor

March 7, 2018 • Southern Africa, Startups, Top Stories

South African startup achieves 8 figure valuation by international investor

South African startup achieves 8 figure valuation by international investor.

HiCarByeCar, the third-party, pre-owned, motor sales platform announced that they have achieved an eight-figure valuation during their latest funding round, led by a prominent Swiss private-equity and venture capital investor.

“We are very excited to have the support of our international partners, who have shown a key interest in growing our business and committing to this new business model,” says Michael Zahariev, the founder and CEO of HiCarByeCar.com.

Founded in 2016, the South African tech startup had an ambitious goal: to improve the car selling experience for both sellers and dealers, while seeking the highest price for the seller. Utilising a unique business model, the company has been running solely on determination. After two years of constantly developing the concept, HiCarByeCar.com has grown into a truly innovative service bound to interrupt the car sales industry, thanks to a small yet dedicated team.

“The HiCarByeCar platform is an automated solution for the middleman, and creates the opportunity for dealerships to make informed purchasing decisions, focus on the stock they want, and make acquisitions directly from the seller,” said Zahariev. “Research shows that when a dealership is making an offer on a car that fits their stock profile, they are willing to pay more for it.”

“In the current business landscape, the necessity of providing a great customer experience for sellers and dealers cannot be overstated,” said Zahariev.

HiCarByeCar intends to use the new valuation to assist the company in expanding aggressively across the Gauteng region, and eventually growing nationally – thereafter, the sky’s the limit.

Edited by Fundisiwe Maseko
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