Phaze Ventures Invests in Carzaty Alongside IDO Investments
Carzaty was founded in Muscat, Oman in 2017 by Jaffar and Chaar, entrepreneurs whose backgrounds include McKinsey & Company, Stanford University and Harvard University. Together, the founders bring a long track record of investing and building technology-driven startups.
Carzaty elevates the auto retail market into the digital age, where buyers can search, compare, buy and finance cars from the comfort of their home. Ultimately, the company replaces large, expensive showroom with a simple and transparent digital experience, eliminating huge overhead costs. This innovative retail model enables Carzaty to sell cars for prices lower than traditional dealers, while adding variety and convenience to the shopping experience.
To date, Carzaty has raised $4 million dollars in funding, most recently announced an investment from Phaze Ventures, in a round lead by Innovation Development Oman (IDO Investments) to accelerate the company’s growth plans in the region.
“Carzaty is proud to have sold hundreds of cars since our launch in Oman in 2017, with hundreds of happy customers validating Carzaty’s new car buying experience,” said Hassan Jaffar, Co-Founder and Managing Director at Carzaty.
Marwan Chaar, Managing Director of Carzaty, explained, “Carzaty offers the convenience and savings that we’ve all come to expect from e-commerce with the reliability that comes from buying directly from a trusted dealership. All cars in our inventory have been reconditioned to strict quality standards and come with warranties, giving customers peace of mind.”
Carzaty also recently celebrated its launch in the United Arab Emirates. “Speed of service and convenience are also key, especially here in the UAE. That’s why in addition to home delivery of purchased cars, customers can also schedule test drives for their preferred time and location,” Chaar added.
In addition to Phaze Ventures and IDO Investments, Carzaty’s shareholders include venture capital firms and strategic investors with roots in the automotive industry.