Peach Cars, a Kenyan auto marketplace, announced today that it has raised $5 million in a seed funding round led by Japan-based The University of Tokyo Edge Capital Partners (UTEC) and other angel investors, including Shintaro Yamada (founder and CEO of Mercari), Peter Kenevan (VP, Head of Japan at PayPal), and Hiroaki Ohta (general partner at Japan’s Waseda University Ventures).
Founded in 2020 by Kaoru Kaganoi and Zachary Petroni, Peach Cars is building the infrastructure to power improved trust, transparency, and the customer experience in the growing used-vehicle market across Sub-Saharan Africa.
“We are excited to partner with UTEC and other leading investors to help us build the future of car ownership in Africa,” said Kaoru Kaganoi, CEO of Peach Cars. “We believe that Peach Motors can revolutionize the way people buy and sell cars in Africa by providing a safe, transparent, and convenient platform for transactions.”
Peach Cars’ platform uses a combination of technology and human expertise to provide buyers with peace of mind when purchasing a used car. The platform includes a comprehensive vehicle inspection system, as well as a team of experienced mechanics who can provide additional insights and recommendations.
In addition to providing a safe and transparent platform for transactions, Peach Cars also offers a variety of value-added services, such as financing, insurance, and maintenance. These services help to make the car ownership process more affordable and convenient for buyers.
Peach cars is currently available in Kenya, but the company plans to expand to other countries in Sub-Saharan Africa in the near future. The company’s goal is to become the leading online marketplace for used cars in Africa.
“We believe that the used-vehicle market in Africa is ripe for disruption,” said Zachary Petroni, COO of Peach cars. “The current market is fragmented and inefficient, and there is a lack of trust between buyers and sellers. We are confident that Peach cars can address these challenges and become the go-to platform for used cars in Africa.”
Peach cars’ funding will be used to scale the business, hire more talent, and double down on R&D. The company plans to use the funds to develop new features and services, as well as to expand into new markets.
Peach cars is well-positioned to succeed in the African market. The company has a strong team with a proven track record, and it has the backing of leading investors. With its innovative platform and value-added services, Peach Motors is poised to revolutionize the way people buy and sell cars in Africa.