Kenyan startup Peach Cars KE has secured a $5 million seed investment to fuel its ambitious plans of transforming the automotive industry in Kenya. The funding round was led by Japan-based UTEC – The University of Tokyo Edge Capital Partners 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 (WUV)).

Founded in 2020, Peach Cars aims to address the challenges faced by buyers and sellers in the used car market by providing a transparent, efficient, and trustworthy online platform. With a focus on enhancing the customer experience and streamlining the car purchasing process, the startup intends to disrupt the industry and create a new standard of excellence in the Kenyan automotive market.

The funding will enable the startup to expand its operations, strengthen its technological infrastructure, and drive user acquisition to establish itself as the go-to destination for buying and selling used cars in Kenya. Peach Cars’ online platform leverages advanced technologies to provide accurate vehicle valuation, comprehensive inspection reports, and personalized recommendations to potential buyers.

By fostering trust and transparency in the used car market, the startup aims to overcome the existing pain points and improve the overall experience for buyers and sellers alike.