Dubai-based automotive retail start-up Seez has expanded into Europe, following an oversubscribed funding raise of $5million from new and existing VC and angels, including Nuwa Capital, Crealize from Germany, BY Venture Partners and Alfa Partners Holding.
Launched in the UAE in 2016 as an AI-based image recognition app for cars, Seez later developed into a car listings aggregator app in five markets, also offering AI and data tools for car buyers.
In 2020, it became possible to buy and register a vehicle fully online via blockchain, thanks to a landmark partnership between Seez and the Dubai government.
Seez marked its first foray into the European market recently, going live with Hessel, the second-largest auto dealership in Denmark and the country’s largest official Mercedes-Benz dealer. Other European markets are on the horizon.
In a wide-ranging interview with Arabian Business, co-founder and CEO of Seez, Tarek Kabrit, discusses the start-up’s European expansion, and what the funds raised will be used for.
What were the reasons behind the expansion?
The world has changed a lot because of the Covid-19 pandemic and, in the automotive retail industry, we witnessed an increased demand for buying online as well as growing demand for used cars, so we saw an opportunity and went after it.
In addition to our previous products, Seez now works with auto businesses in a way that’s similar to ‘Shopify’, partnering with dealers and empowering them to transform and enhance their customer experiences online, as well as in showrooms, to create a true omnichannel journey.
What factors did you take into consideration for this expansion?
Because of the pandemic, we noticed a lot of changes on the demand side from consumers, including different behaviours and needs. At the same time we saw changes on the supply side from the dealers’ perspectives.
We looked at the gaps and realised we could play an active role in bridging them. When we figured out a solution we analysed different markets and decided to go with Denmark, where we now have our first partner. Our next market will be Portugal.
What has been Seez’s experience since you entered the European market?
It’s been very positive. The dealers in Europe are excited to have a partner that can enhance their business. There’s actually more demand than we expected, which is why we raised the round, in order to grow and take on these new opportunities.
What will the funds raised be used for?
We are expanding geographically, as well as in terms of our tech, marketing, and business teams, in order to advance our product offerings. We’re opening entities and offices in Europe, starting with Denmark, and we’re also hiring more employees, agencies, etc. to design and evolve our suite of digital solutions and other products.
What are the opportunities for Seez in the GCC?
We remain a UAE-based team, with our main hubs in Dubai and Abu Dhabi. The UAE is a great place to do business, there’s a huge talent pool for our business team, and our geographic location here allows us to serve several markets as we expand further. The UAE is also an advanced market with high digitisation and motorisation where we’ve been able to launch, learn and prove concepts.
What advice would you give companies considering pivoting? When does a start-up know/decide it is time to pivot?
Deciding when to pivot can be divided into two scenarios. In some cases start-ups are doing something that is very obviously not working, or it is working but there’s no real growth coming, and here you’d have to pivot in order to survive or succeed.
On the other hand, there’s also a proactive pivot, when there are major changes in the world or in the market, which cause shifts in behaviours, mind-sets, demographics, etc. and then you can decide to change direction as a business to benefit from these changes.
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