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Barely six months after it launched a web platform looking to disrupt online car sales, Cape Town auto industry startup get\Worth has announced an international investment that has increased its total committed funding to R18.5-million.
Get\Worth co-founder Jamie Surkont said in a press release issued today that the investor was attracted by the startup’s “unique product” that solves many of the challenges when selling a car.
However Surkont did not wish to disclose the details of the investment in the press release. When contacted by Ventureburn he responded by email saying that R18.5-million, is the amount committed so far in total to the business since its launch last year, with additional commitments pending.
In addition he said a “significant” majority of the equity remains in the hands of startup’s three founders – namely himself, Mark Ridgeway and Colin Morgan.
“We have agreed to keep the vested equity percentages and the identity of our latest investor confidential,” he added.
In April the startup’s co-founder Mark Ridgway said the founders as well as friends and family had together invested about R10-million in the startup and were in talks with various investors to obtain R4-million in funding.
In the press release Surkont said the startup had received enquiries from international auto industry players on the company’s unique and innovative approach.
“They were impressed by how strong the proposition is and how positive the customer response has been. To give you an idea, our average bonus paid out to sellers has been R40 000 over and above their trade value,” he said.
‘get\Worth co-founder did not wish to disclose the details of the investment in the press release and was unavailable for comment at the time of publication’
The funding will be used to improve get\Worth’s technology, and will help with working capital to grow the business.
The company has also secured larger premises in the Western Cape and is expected to see a significant growth in staff numbers over the coming months. Surkont said a portion of the funding will go towards developing a pipeline of other new products for the used car market.
“The most exciting is a bridging product that will assist people who are underwater on their vehicle loans, helping them to trade out in a responsible and unhurried manner,” he added.
Featured image: get\Worth founders (from left to right) Jamie Surkont, Mark Ridgeway and Colin Morgan (Supplied)