Cape Town auto industry startup getWorth has announced an international investment that has increased its total committed funding to R18,5-million.
GetWorth co-founder Jamie Surkont is excited by the international investment but says the details are confidential. “The investor was attracted by our unique product that solves many of the challenges when selling a car.
“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. To give you an idea, our average bonus paid out to sellers has been R40 000 over and above their trade value,” he explains.
The funding will not only be used to improve getWorth’s technology, but will help with working capital to 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.
Surkont says getWorth’s initial growth, based on its unique and game changing offering, is now ready to fly. “A portion of the funding will go towards developing a pipeline of other new products for the used car market.
“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 un-hurried manner,” he adds.
“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.”