German startup Cardino has successfully closed a €1 million pre-seed round with leading investors Silence VC and FJ Labs. Other notable investors include Asymmetric Capital Partners, DEPO Ventures, Voyagers.io, Inclimo, and Gaingels, as well as industry experts serving as business angels. Cardino operates as a marketplace, connecting electric vehicle (EV) sellers to dealerships through auctions. The company’s unique customer-to-business (C2B) model uses battery health analysis, digital inspections, and real-time market data to streamline transactions and provide an unmatched experience for sellers and buyers.
In addition to the funding announcement, Cardino has unveiled its new online platform tailored specifically for the EV market. The platform incorporates innovative tech features to offer a seamless digital experience for both EV sellers and car dealerships. With the surge in new electric car sales in recent years, Cardino aims to revolutionize the way people transact used EVs, creating a better secondary market and promoting circularity potential for these vehicles.
Cardino offers EV owners an intuitive platform to sell their vehicles. The process begins with an instant valuation, providing immediate estimates of the EV’s value based on advanced market analytics. Users can then undergo a digital vehicle inspection procedure, powered by DriveX, which allows them to assess their vehicles, note any damages, and upload photographs.
Once the vehicle is verified, it is auctioned, and the top offer, accompanied by a contract, is presented to the seller. If the offer is accepted, a prepayment is made. Cardino manages the subsequent steps, including vehicle collection and full payment, promising a swift sale in just five days compared to the average 27-day timeline on traditional classified listings. Sellers can also expect above-market offers through Cardino, and the entire service is free from start to finish.
Since its establishment in December 2022, Cardino has built a community of over 1,000 EV sellers and has attracted over 100 dealers. In August alone, the company achieved over €4 million in Gross Merchandise Value (GMV), experiencing a monthly growth rate of over 50%.
The Cardino team has received high praise from investors. Borja Moreno de los Rios of Silence VC commends the founders’ deep understanding of marketplace dynamics and their impressive achievement of €4 million in GMV within the first few months. Founders Henrik Sachs (CEO) and Lukasz Pajak (COO), who have backgrounds from McKinsey, Rocket Internet, and Delivery Hero, aim to make EV transactions as simple as a Sunday drive.
The environmental significance of Cardino’s platform has also been recognized. Fernando Casado from Inclimo Climate Tech Fund highlights that investing in Cardino means supporting efforts to combat climate change, advance sustainable transportation, and promote a greener future.
Sources:
– Silence VC
– FJ Labs
– Asymmetric Capital Partners
– DEPO Ventures
– Voyagers.io
– Inclimo
– Gaingels