Cardino, a used electric vehicle (EV) company, has secured €4 million from a seed funding round spearheaded by Point Nine and supported by an array of investors, including Rosberg Ventures, Vinted.com, Bolt, HomeToGo, Dance, and HeyJobs.
Cardino enables the sale of used EVs on a digital platform, leveraging a network of trusted dealers across Europe. This model simplifies the sales process and promotes a sustainable and circular economy by enabling the transfer of used EVs to new owners.
Private sellers enjoy a free, seamless experience and an impressive 80% likelihood of receiving a binding offer within 72 hours of listing. The company manages all aspects of the transaction, from complementary valuation based on real-time market data, to handling logistics, pick-up, and payment processing. The vehicle is collected within seven days and delivered across Europe without the seller ever leaving home.
Cardino equips car dealerships with an advanced toolkit to efficiently source EVs, providing an easily accessible supply of high-quality cars from a variety of markets. Cardino screens sellers and inspects vehicle condition, history, and battery reports for quality assurance. The platform provides comprehensive vehicle profiles and enables direct bidding, simplifying the acquisition process, generating competitive prices for buyers, and connecting sellers and buyers from different markets.
“The future of cars is electric: for that, we need a sustainable used car market,” said Nico Rosberg of Rosberg Ventures. “Henrik, Lukasz, and the entire Cardino team are doing pioneering work with their platform. Cardino is both efficient and transparent, setting new standards for the entire industry. That is why I am happy to support this mission as an investor.”
The €4 million investment in Cardino indicates a confidence in its business model and its remarkable growth trajectory. Notably, Cardino achieved nearly 50% quarter-over-quarter growth in Q1 of 2024 and its annualized Gross Merchandise Value (GMV) soared to an impressive €100 million.
As Cardino’s services extend further across Europe, its commitment to innovation and sustainability in the automotive sector remains steadfast. Plans for 2024 include expanding consumer services to France and enhancing the platform’s features, such as the introduction of a proprietary online battery range check.
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