The funding round was supported by an array of angel investors, including key investors from platforms like Rosberg Ventures, Vinted.com, Bolt, HomeToGo, Dance and HeyJobs.

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 revolutionising 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.

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

"We entered Cardino when it still had very little traction (about 25 cars sold), but it was immediately clear to us that this is a market that will grow very quickly and at the same time is not yet occupied. Plus, it can pack a lot of other products and services on top of it, so the potential is almost limitless. When we put all this together with founders who complement each other perfectly not only with their experience, but also with their personalities and competences, it was an obvious choice," comments Jan Krahulík, partner of DEPO Ventures angel funds, in whose portfolio Cardino is located.

Delivering an electric car from anywhere in Europe to the customer's door

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.

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.

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.

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.

DEPO Ventures is an investment group focused on early stage startups in the CEE region, backed by a community of angel investors. With the third angel fund in the pipeline, their portfolio includes more than 40 investments. Notable projects include the global blockchain platform Tatum, an innovative solution for heart monitoring from home via Kardi AI, the mobile guide SmartGuide or the groundbreaking logistics platform Ringil. The investment group also leads the international syndicate DEPO Angels, which connects investors with quality startups and simplifies the investment process. DEPO Venture's vision is to teach entrepreneurs and high net worth individuals that investing in startups should be a natural part of any qualified investor's portfolio.