$100,000 Later, Mobile Marketplace Platform Carymarket.com Pivots
Cary Market's 15 minutes of motors marketplace fame have come to an end. Cary Market has pivoted away from its hardcore marketplace for vehicles which had raised over $100,000. It’s now refocused on commercializing the idea of a mobile marketplace mainly for pre-owned goods with a buyer protection program.
Our startup changed its website to cary.ae, and laid off a chunk of the team, including our sales people and a marketing manager. But at least now Cary Market has the runway to take another shot at the spotlight.
Cary Market’s ambitions were always lofty and a bit tough to explain. During the company’s debut on stage at Arabnet Digital Summit in Dubai, rather than giving a traditional pitch, Cary Market co-founder Rana Tarakji spent a big portion of her 5 minutes asking people to imagine what could be done if apps were used instead of websites to buy and sell things.
The judges seemed baffled. Sometime since then, Cary Market hit a wall, and certain changes were necessary for the startup to better itself. Just months afterwards, the team made its first pivot away from what it called Cary Motors, a marketplace for viewing cars for sale, into a marketplace for selling all kind of pre-owned and new goods. Rana and CEO Mohammed Johmani found they couldn’t get what they wanted while being limited to motors, so they set out to fix this. That led much of the team to depart, leaving Tarakji and Johmani to handle things.
Marketplaces dedicated for motors have since lost some of their luster. But back in 2014, there was a lot of hope for the mobile web platform, despite its limitations compared to more generic marketplaces.
Cary Market can now make mobile and online buying and selling smooth and protected within an app and website. Buyers wouldn’t have to do their own due diligence on the items they were buying. They could just trust the buyer protection system.
Raising On A Dream
Investors gave Cary Market the benefit of the doubt. That was in large part thanks to Johmani, who was running a successful startup already; O2. In 2014. Cary Market received its $100,000 in seed funding from crowdfunding platform Eureeca.
By January 2016, Cary Market had 4,000 users on the new platform, still awaiting the finished platform’s buyer protection-integrated release.
The New Cary Market
There, our company laid out an entirely new business: “Our mission at Cary Market is to empower buyers to make informed and secured purchases that satisfy every aspect of their mobile and web shopping experience.” The product is a protected system for both buyers and sellers. The reviews, ratings and the buyer protection program allow both parties to enjoy a secure buying and selling experience.
The new Cary still aligns with the goal of making the mobile app more powerful, though it’s a far cry from simply being a marketplace for motors.
Johmani defends the pivot, saying “it hurt, it was a big part of my life,” but that “we made the moves we did in order to avoid being one of those companies that’s in trouble money-wise.”
The New Cary Market
At any rate now Cary Market's way to monetization is clearer than it's ever been. Individuals and organizations will pay to be a part of a safe, trusted marketplace when they would not pay often for the old Cary.
New businesses pride themselves on embracing failure as an inescapable risk of attempting to accomplish something big and vital. Also, a few pivots, similar to Slack transforming from an game company to an undertaking a chat platform, have transformed into huge triumphs.
Be that as it may, at times the quest for excellence can put a halt to innovation. Cash burns as momentum slows. Launches get pushed back and talent escapes. Some of the time it takes severe cutbacks and ideological movements to put a startup back on track.
Presently, Cary Market is willing to do all that it can to make its amplified runway worth the team members it sacrificed.