More

    Cardino’s €1 Million Boost to Transform EV Sales

    The German startup Cardino specializing in electric vehicle (EV) sales, has successfully gathered a €1 million funding round, securing investment from famous backers like Silence VC and FJ Labs, along with notable investors such as Asymmetric Capital Partners, DEPO Ventures, Voyagers.io, Inclimo, Gaingels, and industry experts acting as angel investors.

    Filling the gap

    Cardino functions as a marketplace, bridging the gap between EV sellers and dealerships through auctions. Their unique customer-to-business model leverages battery health analysis, digital inspections, and real-time market data to streamline transactions, offering an experience for both sellers and buyers.

    In addition to the funding announcement, Cardino has unveiled its new online platform specifically tailored to the EV market. This platform incorporates innovative technological features, delivering a seamless digital experience for both EV sellers and car dealers. As the sales of electric vehicles have surged in recent years, Cardino aims to revolutionize how people conduct transactions for used EVs, creating a more robust secondary market and promoting the circularity potential for these vehicles.

    Cardino’s process for EV owners

    Cardino provides EV owners with an intuitive platform to sell their vehicles. The process begins with an instant valuation based on advanced market analysis, allowing users to undergo a digital vehicle inspection procedure powered by DriveX, where they can assess their vehicles, note any damages, and upload photographs.

    Once the vehicle is verified, it goes up for auction, and the seller receives the highest bid along with a contract. If the offer is accepted, a payment is made. Cardino takes care of the subsequent steps, including vehicle collection and full payment, promising a quick sale in just five days compared to the average 27 days on traditional classified listings. Sellers can also expect offers above market value through Cardino, and the entire service is free from start to finish.

    An impressive growth

    Since its establishment in December 2022, Cardino has built a community of over 1,000 EV sellers and has attracted more than 100 dealerships. In August alone, the company achieved over €4 million in Gross Merchandise Value (GMV), experiencing a monthly growth rate of over 50%.

    The environmental significance of Cardino’s platform has also been acknowledged. Fernando Casado of Inclimo Climate Tech Fund emphasizes that investing in Cardino means supporting efforts to combat climate change, promote sustainable transportation, and foster a greener future.

    David Zingmark
    I'm a passionate individual dedicated to shining a spotlight on incredible companies. My goal is is to uncover stories by telling the most complex operations into simplified words, empowering you as a reader to gain better insights and make informed investment and/or business choices.

    Don't miss this

    Fear of missing out?