Tech Pitch: VROOMO
Having already founded two businesses, 21 year-old Chris Nkwonta tells Startups about his new platform which will "revolutionise" the used car market
Company name: VROOMO
Founders: Chris Nkwonta (21)
Background: Nkwonta is a serial entrepreneur, having founded successful property business Contour Lettings straight out of university, before moving on to marina investments with Blueseas Maritime.
Based in: Covent Garden, London
Very simply, what does your tech start-up do?
VROOMO is here to revolutionise the used car market by empowering people to transact with ease, freedom, confidence, and with no intermediary pressure.
Tell us why there's a need – what do you disrupt?
It was a very personal experience which saw the birth of VROOMO. Having spent considerable time, energy and money travelling to different dealerships looking for the perfect car, I was shocked to discover that the car I eventually purchased had a serious oil consumption issue which the dealership was aware of. No compensation, no apologies and no refund.
Although I had been stung, I was well aware that there was no way in which I could be the only one and as such VROOMO was placed in the pipeline. I knew there had to be a better way to reduce the level of information asymmetry that plagued the used car market whilst increasing the level of convenience on the car buying experience.
We whole heartedly believe that the recipe to create a fantastic experience for our customers is by bringing together high- quality cars at favourable prices with a renewed buying experience to buyers and sellers who share the same vision and love for their cars. We believe in a transparent, professional, honest and heart- warming experience when moving cars between homes from the people who own them to the people who need them in a manner that is transparent, stress-free, and efficient and all round fun!
Are you funded?
At the moment we are not funded, all input so far has come thanks to the capital made from my previous businesses. We are currently funding on Seedrs platform and I am also in the process of speaking with a number of VCs, hoping to gain further funding to help accelerate our growth.
What were you doing before starting?
I founded VROOMO at the start of this year while still studying towards my degree at university. I was eager to gain a head start and build some momentum in order that when I graduated and could dedicate my full attention to a project that was already up and running with a decent base.
With my passion for the automotive industry and VROOMO’s ability to make consumers lives’ easier, I feel I’ve now found my true calling.
What's the best thing about where you're based?
Being based in London offers so many opportunities, we are surrounded by top universities mining out the best talent and we intend to capitalise on this and the many more opportunities that the capital offers.
We do also encourage flexible working and I find that this is a key factor in recruiting top talent in this day and age as it allows people to establish an effective work/life balance.