Less than a year after launching their hassle-free car selling experience, Autozen announced today that it has closed an oversubscribed seed round of funding of over $5 million led by Vanedge Capital.
Autozen offers a truly unique experience in the auto industry. Car sellers benefit from hundreds of pre-vetted professional buyers that compete to give sellers the advantage of the best possible price, for free. Once the offer is accepted, Autozen takes care of everything else including paperwork, payment and pick-up.
This creates a seamless experience where no effort is required from sellers, such as having to take their own pictures or having to talk to any buyers, and yet, still be able to get a fair price.
Autozen was named one of 10 Homegrown B.C. Startups to Watch in 2022 earlier this year.
“The remarkably positive feedback we receive from consumers has shown that our mission to re-invent the car-selling experience is well on its way. And car buyers keep joining the platform every week, fueled by the demand of the exclusive inventory we curate, only available at Autozen.” says Olivier Vincent, CEO and co-founder of Autozen.
“Based on this solid validation, this seed round will fuel our expansion into new markets, both in Canada and the US.”
Autozen is currently expanding from its Vancouver origin into Toronto, Calgary and Edmonton – the company is also launching its presence in the US, starting with the Greater Seattle Area.
“In a world where car selling has been painful and complicated, Autozen offers a straight-forward process that is timely, predictable, efficient and convenient”, said Paul Lee, Managing Director at Vanedge Capital. “We are excited to support Autozen and its uniquely qualified management team in their plans for growth and expansion.”
The round also included participation from Anges Québec, several super-angels as well as the existing investors.