Car retail platform Seez set for $25 mln Series B funding round within 12 months: CEO
The automotive retail platform Seez should close a Series B funding round over the next 12 months, raising $20-25 million, its co-founder and CEO Tarek Kabrit told Al Arabiya English.
The SME announced Monday that it had secured $5 million in a pre-Series B round from new and existing VCs and angels.
In 2020, Seez raised $6 million in a Series A funding round, and the funds announced today bring its total monies to $14.2 million.
The $5 million will be used to grow the company’s digital capabilities, and expand into new markets. It already has a presence in Denmark and is eyeing Portugal as its next target country for entry, according to Kabrit.
Seez went live with Hessel, the second-largest auto dealership in Denmark and the country’s largest official Mercedes-Benz dealer, enabling it to sell the car models through an omnichannel platform.
“We analyzed the Danish market in terms of the number of cars sold, the Danish are early adopters of technology, the country is highly digital, and we also found the right partners in the country,” Kabrit told Al Arabiya English.
Kabrit explained that the pre-Series B round will allow the company to maintain its growth while avoiding diluting its projected future valuation.
“Seez is growing faster than expected so more capital will help us deal with our rapid growth as we continue our European expansion, before raising a larger Series B. Raising a smaller round now helps us avoid early dilution, given the expected uplift in valuation after our European launch,” Kabrit said.
The company has global aspirations, and the platform is designed to work together with auto dealers and manufacturers for digital solutions and data insights to operate as a “Shopify” for these businesses, the firm said.
Kabrit claimed that, currently, no global dealers have cracked “a true full omnichannel experience” that includes a full online buying journey from search to registration and delivery, which is continuous online and offline, adding that this is a gap in the market that Seez is filling.
“Dealers are still behind when it comes to digital offerings, and new global online players such as Carvana and Cazoo are filling that gap. We are working with dealers to empower them to transform and enhance their customer experience.”
Seez launched in the UAE in 2016 as an AI-based image recognition app for cars, later developing into a vehicle listings aggregator app in five markets, also offering AI and data tools for car buyers.
“Our time as an aggregator in the GCC gave us insights into the demands and behaviors of consumers, as well as the needs and concerns of dealers. Now we are moving towards a more comprehensive solution for both car buyers and dealers. As the world continues to change rapidly we need to keep evolving our offerings,” he said.
Kabrit declined to reveal the company’s turnover.