Vucar's founding team consists of young people born in the 90s - Photo: VUCAR
According to the announcement of start-up Vucar on September 19, this round of capital calling has the participation of Monk's Hill Ventures - a leading venture capital fund in Singapore - along with international investment fund Antler and other strategic angel investors.
The 9X youth in the Vucar team used their own difficult experiences as buyers and sellers in the used car market to develop the application.
The used car market in Vietnam is notorious for its challenges in transparency. Individual buyers and sellers often face major barriers in vehicle valuation and safe transactions. Price gouging and lack of transparency in transactions have long caused consumers to lose confidence.
Jake Vu, founder of Vucar, shared: “We have directly experienced, being both a buyer and a seller of used cars to gain a deeper understanding of the shortcomings of the market. From those experiences, the Vucar team is constantly looking for innovative solutions to bring seamless, transparent and effective used car buying and selling solutions to customers.”
To change the way Vietnamese people perceive and approach this market, Vucar has developed a car valuation tool using AI technology, helping users determine the value of used cars in just 5 minutes, with an accuracy rate of up to 90% based on 3.5 million data points about cars on the market. This technology helps optimize the buying and selling process, ensuring transparency and efficiency for users.
Vucar representative said that the investment capital will be used to focus on the following purposes: improving the AI platform; researching and optimizing user experience; expanding the Northern market; expanding the team; and investing in marketing.
“With its innovative approach, data-driven development strategy, and impressive start, we believe Vucar is well positioned to capitalize on the growing car ownership trend in the region, making them a prominent player in this growing industry,” said Justin Nguyen, representative of Monk's Hill Ventures.
Young start-up raises million dollars
Before this seed funding round, Vucar also received support from the early days from the international investment fund Antler and TechYouth Incubator - a startup incubator dedicated to young Vietnamese people.
After 3 years of operation, Vucar has become the first start-up from TechYouth Incubator, and the first start-up with a young founder under 25 years old in Vietnam, to successfully raise millions of dollars in capital, affirming its position as the leading young start-up incubator in Vietnam.
Source: https://tuoitre.vn/start-up-mua-ban-xe-cu-ung-dung-ai-cua-viet-nam-goi-von-1-trieu-usd-20240919121930841.htm
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