On June 18, Cordia Directions, the operator of the used car marketplace Peach Cars, announced that it has raised approximately ¥1.5 billion in a Series A round led by Suzuki Global Ventures, with participation from the Japan Bank for International Cooperation (JBIC), Gohgin Capital, and existing investor University of Tokyo Edge Capital Partners (UTEC).
Peach Cars is a next-generation marketplace primarily focused on Kenya, enabling both the buying and selling of used cars to be completed online. By inspecting vehicles across 288 criteria on its official website, and consistently providing price transparency and after-sales service, the company aims to replace the traditionally unreliable market.
The company integrates a real-time vehicle appraisal engine with its proprietary loan credit model, offering instant preliminary finance approval for buyers and reducing inventory turnover for sellers. Thousands of customers across Kenya are already using the service, which continues to grow rapidly with a robust revenue model that is not reliant on low-margin, high-volume sales.
The funds raised will be allocated to expanding into major cities in East Africa and Sub-Saharan Africa outside Kenya, increasing engineering staff, establishing new inspection hubs, and developing ancillary services such as parts procurement, logistics, and auto loans.
Notably, the company conducted a seed round led by UTEC in 2022, and the current Series A round has brought in strategic investors who will drive its growth.
via PR TIMES
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