Carvazo raises 1.5 billion won in Series A funding

Carvazo, a mobile vehicle inspection service that sends mechanics to customers, announced on the 3rd that it had raised 1.5 billion won in Series A funding.

The round was led by We Ventures, with Strong Ventures, an existing investor from the previous round, also participating.

Carvazo helps prevent problems when buying a car by providing a service in which a mechanic accompanies the buyer and checks the vehicle’s condition before purchase.

Carvazo says its active mechanics hold nationally recognized automotive maintenance certifications and have at least five years of experience. The company also suspends any mechanic found to have ties to dealers or a history of working as a dealer, helping ensure the service’s professionalism and transparency.

We Ventures Managing Director Kim So-hee, who led the investment, said, "We saw the need for Carvazo’s service in the many reviews from customers and in its position as the only service they can trust in the used-car market, which is considered a classic lemon market." She added, “We were impressed by the company’s sustained growth despite the market slowdown caused by COVID-19 and its efforts to build a transparent, trustworthy service.”

Carvazo CEO Yoo Tae-ryang said, “Concerns about flood-damaged used cars have grown after this monsoon, increasing demand for mechanic inspections.” He added, “This investment will help us build a more structured service and give us the opportunity to introduce Carvazo to more people.” He also said, “My dream is to improve mechanics’ poor working conditions and quality of life,” adding, “We plan to expand beyond mobile inspections and offer repair services in partnership with small repair shops.”

In 2019, with support from investor KB Investment, Carvazo was selected for the TIPS program for its “AI vehicle evaluation system using vehicle data analysis algorithms and chatbots.”

Carvazo: https://www.carvazo.com/