Cardino's Revolutionary Used EV Sales Model Sparks Investor Excitement with €4 Million Seed Round

BERLIN--(BUSINESS WIRE)--Cardino, a pioneer in the used electric vehicle (EV) market, recently announced a triumphant €4 million seed funding round spearheaded by Point Nine. The funding round was supported by an array of distinguished angel investors and notable figures, including key investors from platforms like Rosberg Ventures, Vinted.com, Bolt, HomeToGo, Dance and HeyJobs.

Cardino enables the sale of used electric vehicles via a digital platform, leveraging a solid network of trusted dealers across Europe. This efficient model not only streamlines the sales process but also promotes a sustainable and circular economy by facilitating the transfer of used EVs to new owners.

Private sellers enjoy a free, seamless experience and an impressive 80% likelihood of receiving a binding offer within 72 hours of listing. The company manages all aspects of the transaction, from complementary valuation based on real-time market data to handling logistics, pick-up, and payment processing. The vehicle is collected within seven days and delivered across Europe without the seller ever leaving home.

This significant investment is a testament to the market's confidence in Cardino's innovative business model and its remarkable growth trajectory. Notably, Cardino achieved nearly 50% quarter-over-quarter growth in Q1 of 2024, and its annualized Gross Merchandise Value (GMV) soared to an impressive €100 million. Such figures underscore Cardino's position as a trailblazer in the rapidly evolving landscape of electric vehicles.

Cardino equips car dealerships with an advanced toolkit to efficiently source EVs. The biggest value for dealers is the ease of access to supply from different markets and the high quality of cars with low mileage and no damage. Cardino screens sellers and inspects vehicle condition, history, and battery reports for quality assurance.

The platform provides comprehensive vehicle profiles and enables direct bidding, simplifying the acquisition process, generating competitive prices for buyers and connecting sellers and buyers from different markets.

Nico Rosberg of Rosberg Ventures shared his excitement about the platform's impact, saying: "The future of cars is electric. For that, we need a sustainable used car market. Henrik, Lukasz and the entire Cardino team are doing pioneering work with their platform. Cardino is both efficient and transparent, setting new standards for the entire industry. That is why I am happy to support this mission as an investor."

“Cardino is dedicated to revolutionizing the used EV marketplace through its digital-first approach, making the process convenient and efficient for sellers and dealers," says Henrik Sachs and Lukasz Pajak, Founders.

The company was founded in 2022 to transform the used electric car market.

As Cardino's services extend further across Europe, its commitment to innovation and sustainability in the automotive sector remains steadfast. Plans for 2024 include expanding consumer services to France, on the seller side, and enhancing the platform’s features, such as the introduction of a proprietary online battery range check to set new benchmarks in the EV market.

About Cardino

Cardino was founded in Berlin in 2022 with a vision to revolutionize the used electric car market. Our goal is to remove all unnecessary difficulties in buying and selling cars for both used car dealers and sellers. Together, we aim to connect sellers and buyers across Europe and ensure used electric cars find new owners at fair prices through a smooth, digital process.

About the Founders

Henrik Sachs is a Cambridge graduate, former Stanford fellow, and ex-McKinsey consultant now building a sustainability stealth start-up with pre-seed funding. He has broad experience in climate technology, including batteries, EVs, and hydrogen. Henrik worked extensively in the sustainability and automotive sectors at McKinsey, as well as McKinsey LEAP in the UK, DACH and Scandinavia. Born in Germany, he lived in the UK and US for several years before coming home to work in Berlin and Munich.

Lukasz Pajak graduated from the SGH Warsaw School of Economics and spent a semester at the National University of Singapore focusing on entrepreneurship and strategic management. He has over five years of experience in marketplace operations, including consulting for digital businesses in the UK, DACH, and Scandinavia. With a deep passion for sustainable mobility and energy transition, Lukasz was one of the first McKinsey LEAP consultants in the CEE office working with finance, automotive, and marketplace/e-commerce clients.