Berlin, June 11, 2024 — Cardino, a frontrunner in the used electric vehicle (EV) market, has secured a €4 million seed funding round led by Point Nine, with participation from prominent angel investors and key figures from platforms such as Rosberg Ventures, Vinted.com, Bolt, HomeToGo, Dance, and HeyJobs. This infusion of capital is set to accelerate Cardino’s innovative approach to transforming the used EV market.
Transforming the Used EV Market
Founded in 2022, Cardino aims to streamline the sale of used electric vehicles through a digital platform that leverages a robust network of trusted dealers across Europe. This model not only simplifies the sales process but also promotes sustainability by facilitating the transfer of used EVs to new owners, contributing to a circular economy.
Private sellers benefit from a free, seamless experience with an impressive 80% likelihood of receiving a binding offer within 72 hours of listing. Cardino manages every aspect of the transaction, from providing a complementary valuation based on real-time market data to handling logistics, pick-up, and payment processing. Vehicles are collected within seven days and delivered across Europe without the seller needing to leave home.
Market Confidence and Growth
The substantial investment in Cardino underscores the market’s confidence in its innovative business model and its significant growth trajectory. The company reported nearly 50% quarter-over-quarter growth in Q1 of 2024, with its annualized Gross Merchandise Value (GMV) reaching an impressive €100 million. These figures highlight Cardino’s leadership in the rapidly evolving electric vehicle landscape.
“Cardino is dedicated to revolutionizing the used EV marketplace through its digital-first approach, making the process convenient and efficient for sellers and dealers,” commented Henrik Sachs and Lukasz Pajak, Founders of Cardino.
Advanced Tools for Dealers
Cardino equips car dealerships with advanced tools to efficiently source EVs. Dealers gain easy access to supply from various markets and benefit from high-quality cars with low mileage and no damage. The company ensures quality by screening sellers and inspecting vehicle conditions, history, and battery reports.
The platform offers comprehensive vehicle profiles and enables direct bidding, simplifying the acquisition process and generating competitive prices for buyers. This connectivity across different markets fosters a dynamic and competitive marketplace.
Investor Support and Future Plans
Nico Rosberg of Rosberg Ventures expressed his enthusiasm about Cardino’s impact: “The future of cars is electric. For that, we need a sustainable used car market. 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.”
As Cardino expands its services across Europe, the company remains committed to innovation and sustainability in the automotive sector. Plans for 2024 include extending consumer services to France and enhancing platform features, such as introducing a proprietary online battery range check to set new benchmarks in the EV market.
The Path Forward
From my point of view, Cardino’s approach exemplifies how technology can reshape traditional markets. The seamless integration of digital tools to facilitate used EV sales not only makes the process more efficient but also promotes environmental sustainability. By providing a trusted platform for transactions, Cardino is addressing the common pain points associated with buying and selling used cars, particularly in the emerging EV market.
The support from high-profile investors and the impressive growth metrics suggest a bright future for Cardino. However, the company must maintain its focus on quality and customer experience to stay ahead in a competitive market. Expanding into new territories and continually enhancing platform features will be crucial for sustained growth and market leadership.
In conclusion, Cardino is well-positioned to become a pivotal player in the used EV market, driving innovation and setting new industry standards. Its commitment to a seamless, transparent, and sustainable sales process aligns perfectly with the growing demand for electric vehicles and the broader push towards a greener future.
