Cary! the world’s first social mobile app to buy and sell cars is going live on eureeca.com, the first online crowdinvesting platform where small and medium enterprises (SME’s) can raise funding from a crowd of investors in exchange for shares in their business.
Eureeca is vital to enabling innovation, by aiding in the expansion of SME’s such as Cary!’s funding campaign will appear on Eureeca for 90 days, during which time crowd-investors can fund limited or significant amounts. If Cary! does not reach its funding target within 90 days, then all funds will be returned to the crowdinvestors. Cary! intends to use these new funds to develop an Arabic version of the app, launch a new enhanced version, and to launch an online campaign which will target more users. Overall, the funds will mainly be used to develop the app and make it more advanced.
Chris Thomas, CEO and Co-Founder of eureeca.com stated “We built Eureeca to empower all types of businesses to use our platform to reach their networks. In today’s world an entrepreneur and business have amassed networks that extend far and wide including users of a product all the way to friends and clients. Through crowd investing an SME can unlock funding capital that they otherwise could not have accessed to help them reach their next stage of growth. Cary! will showcase the first app to crowdinvest on Eureeca.”
On Eureeca crowd-investors will be able to ask questions, comment and share Cary!’s funding campaign. Mohammed Johmani serial entrepreneur and founder of Cary! said “Currently Cary! has more than 20,000 unique users, and we aim to market the app to reach 500,000 by the end of 2014. With Eureeca we hope to gain a new crowd of investors who will market, share, and virally promote Cary! to incur more users who will drive car sales on the app. Our aim is to develop Cary! into a mobile app that will disrupt the used car market locally and globally.”
The automotive industry is worth more than 15$ billion in the UAE, 370$ billion in the US and has a global value of 1.8$ trillion. As companies continue to manufacture new cars, more and more used cars are coming onto the market. Statistics have shown that used car sales outdo new car sales by almost three times the value of new cars, and this is what Cary! intends to capitalize on. Now valued at $1.6 million, Cary! is disrupting the used car industry, filling a gap in the market by simplifying the lengthy process of hunting for a good used car deal.
With a customer centric attitude, the Cary! team has made great efforts to ensure that the app makes the process of buying and selling cars easier, creating a simple and straightforward user experience. The Cary! app further addresses a shift in the market towards mobile app usage, Mohammed Johmani said, “The Middle East and UAE in particular are increasingly participating in the mobile app industry, making the need for Cary! all the more relevant. People are constantly accessing smartphone technology whether for use in their personal lives or for work.”
Johmani added, “Cary! increases efficiency by avoiding the hassle of car dealerships and being influenced by marketing promotions or sales incentives. Depending solely upon the viability of a salesman is not the best method when Cary! provides unbiased information on cars, anytime, anywhere. Whether you’re looking to buy or sell a car, the Cary! app can help drivers through the process with ease.”
An excellent example of how a mobile application can disrupt an industry is UBER, the mobile app for car-service bookings; UBER is now worth $3.5 billion with $258 million from Google Ventures. Cary! plans to become the UBER of the used car industry and change the way business is done.
The prospect of more people learning about and being a part of Cary! with Eureeca signifies that there will be a surplus in potential investors and users. Cary! prides itself on changing the experience of buying and selling cars, and looks forward to welcoming new investors to be part of Cary!’s success.
