The funding round was led by prominent investors, including The University of Tokyo Edge Capital Partners (UTEC), Right Side Capital, C2 Ventures, Boro Capital, EVPI Investments, Itochu, and several angel investors. The significant investment will enable Eze to enhance its platform and expand its operations globally.

Founded in 2020 by Joshua Nzewi and David Iya, Eze aims to revolutionize B2B electronics trading by connecting global electronic wholesalers and providing them with a seamless platform to trade devices in large quantities. 

The marketplace directly links distributors and retail stores of used smartphones, laptops, tablets, and other electronics with a vast network of over a hundred wholesalers and manufacturers.

The used smartphone market is experiencing remarkable growth, with shipments projected to have a compound annual growth rate (CAGR) of 10.3% from 2021 to 2026, reaching a value of $99 billion, according to tech analyst the International Data Corporation (IDC). Eze recognizes the tremendous potential in this market and seeks to address the inefficiencies that currently plague B2B trading, such as poor distribution, pricing fragmentation, quality control issues, and rampant fraud.

CEO Joshua Nzewi highlights the need for a safe and secure platform in the market, stating, “It’s almost every day we see someone getting scammed in one of these group chats where people are doing business. So we knew that a product like ours was essential in the market to keep these individuals safe.” Eze’s mission is to formalize trade in key areas like Lagos’ Computer Village, Nigeria’s busiest electronics market, by connecting retail stores, distributors, telecom companies, and electronics suppliers.

Operating on a user-friendly platform, Eze enables buyers and sellers to submit buy and sell requests, which the platform matches based on compatibility and executes the trade seamlessly. The company has implemented a standardized grading process to assess the originality and functionality of the used gadgets it facilitates the sale of. Customers benefit from a 30-day warranty on products, with options for exchanges, extended warranties, and additional credits.

Eze goes beyond facilitating transactions by providing real-time market prices and acting as an intermediary to ensure competitive pricing, global payment support, net payment financing, and automated logistics. The startup collaborates with renowned logistics provider FedEx for shipments in the U.S., Europe, and Southeast Asia, while leveraging third-party logistics services in Latin American and African markets.

Recognizing the financial needs of businesses, Eze has also introduced Eze Capital, a fintech offering that complements its core transactional services. Through partnerships with banks and merchant financing companies, Eze Capital provides funding options for businesses to finance their purchases, inventory, receivables, and operations. The product has already disbursed $750,000 since its launch, with plans for expansion beyond the U.S.

Since its inception in 2021, Eze has facilitated the sale of over 500,000 devices, establishing itself as a trusted player in the B2B electronics trading space. The startup boasts more than 1,000 business customers across 15 countries, with Mexico being its largest market, followed by Nigeria, South Africa, and Ukraine.

The successful seed round funding reflects investors’ confidence in Eze’s ability to disrupt the secondhand electronics market. Chris Cunningham, Partner at C2 Ventures, explains, “Eze solves these problems via a global marketplace that allows sellers and end buyers to connect directly while providing price transparency, quality control, and fraud prevention.”

Other angel investors, including Shintaro Yamada (founder and CEO of Mercari), Peter Kenevan (VP, Head of Japan at PayPal), and Hiroaki Ohta (general partner at Japan’s Waseda University Ventures), also participated in the funding round. 

Peach Cars, founded in 2020 by Kaoru Kaganoi and Zachary Petroni, aims to democratize car ownership in sub-Saharan Africa, starting with Kenya.

The newly raised funds will be used to drive the growth of startup’s business, expand its team, and focus on research and development to enhance its technological solutions, according to a statement released by the company. The company aims to address the challenges in Kenya’s used car market by providing a transparent and secure platform for buyers and sellers.

Before launching Peach Cars, the founders conducted thorough research and analysis to ensure the viability of the market. They recognized the importance of establishing operations and identified high-value asset classes in Kenya. Both founders have prior experience in the mobility space, having worked at the ride-sharing app SafeBoda. This experience helped shape their understanding of the industry and the need for customer-centric services.

The company aims to revolutionize the car ownership and maintenance process in Kenya by bringing transparency and an improved customer experience. The company has developed a smart engine check device that utilizes its proprietary software to automate the car inspection process. With a 225-point inspection system benchmarked against Japanese auto industry standards, Peach Cars provides accurate reports on the condition of vehicles.

While Peach Cars operates in the same industry as Autochek and Moove, it differentiates itself by focusing on the C2C (customer-to-customer) marketplace model, similar to Jiji. Peach Cars educates users about the car ownership lifecycle and offers faster discovery processes, streamlined transactions, and better payment management. It also provides car maintenance and servicing, ensuring that customers have a reliable and trustworthy platform for all their car-related needs.

Peach Cars generates revenue through service fees and commissions on successful transactions, along with additional value-add services such as administrative work for agreements, inspections, and change of ownership. The company has experienced significant growth since its launch, currently generating over $200,000 in gross merchandise volume (GMV) monthly, which is 10 times its figures from two years ago.

Kiran Mysore, Principal at UTEC, expressed enthusiasm for the investment, stating that Peach Cars is pioneering a customer-centric and advanced used-car platform in sub-Saharan Africa. UTEC aims to support Peach Cars by leveraging Japanese automotive expertise and network to foster collaboration between Japan and Africa.

Peach Cars has demonstrated its commitment to transforming the car marketplace in Kenya, and with this recent funding, it is well-positioned to continue its mission of providing a trustworthy and innovative platform for car buyers and sellers in the region.