Also, the importance of establishing operations cannot be overemphasized. To grow and build marketplaces, it’s paramount to check for the viability of such a market and if the unit economics makes sense. “I also struggled to find good condition vehicles as well as there are no established inspection methods and service providers, and you need to know a good mechanic yourself to get these quality checks done at a personal level.”īut before launching Peach Cars, the founders had to consider certain factors. “I struggled to get affordable second-hand items, including furniture and electronics, when I moved into Kenya,” said the CEO. The existing ones, however, lacked price transparency and were riddled with information asymmetry, fraud, non-secure payments and awful customer experience. According to CEO Kaganoi, unlike in Japan, trusted second-hand items marketplaces in Kenya were few and far between. In an interview with TechCrunch, Peach Cars’ founders narrated how more than a decade of combined experiences living in sub-Saharan Africa and talking with friends and industry peers made them see an opportunity in Kenya’s used cars market. The startup, founded by Kaoru Kaganoi and Zachary Petroni in 2020 to democratize car ownership in sub-Saharan Africa, starting with Kenya, will use the money to grow the business, hire more talent and double down on R&D as it expands its tech solutions, according to a statement. Kenyan automotive marketplace Peach Cars is announcing its $5 million seed 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).
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