Cape Town-based auto industry e-commerce startup getWorth has announced an international investment that increases its total committed funding to ZAR18.5 million (US$1.38 million).
getWorth offers alternatives to the traditional way of buying and selling cars, offering tools, products and information to help people trade vehicles for what they are really worth.
The details of the international investors are confidential, but getWorth will use the funding to improve its technology and grow the business. Larger premises have already been secured in the Western Cape and a significant growth in staff numbers is expected over the next months.
“The investor was attracted by our unique product that solves many of the challenges when selling a car,” said getWorth co-founder Jamie Surkont.
“We have received phenomenal interest and enquiries from international auto industry players regarding the unique and innovative approach we have adopted in the local market. They were impressed by how strong the proposition is and how positive the customer response has been.”
The average bonus paid out to sellers on getWorth has been ZAR40,000 (US$3,000) over and above their trade value, and Surkont said getWorth’s growth, based on its unique and game changing offering, was now ready to fly.
“A portion of the funding will go towards developing a pipeline of other new products for the used car market,” he said.
“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. Financial wellness, transparency, the use of technology and a far better return for our clients are not concepts usually allied with the used car market. This investor’s expertise will assist us in international markets when the time is right.”