Owning a car in Singapore is hard enough; What else are you trying to sell at a reasonable price? After all, there is no one more tongue-in-cheek than the seller of a car. Enter Motorist, a complete automatic concierge platform that helps drivers conveniently manage all aspects of vehicle ownership and transactions.
The motorist announced today (September 9) that it has closed US $ 1.2 million in initial funding invested by AngelCentral and introduced new features to its app that will help improve the driver’s experience.
The funds raised will help the motorist accelerate even faster and create an ecosystem of smart tools and services that will help vehicle owners buy vehicles, car loans and vehicle insurance.
This initial round was also attended by previous investors, Royston Tay, co-founder of Zopim and Huang Shao-Ning, co-founder of JobsCentral.
In addition, funds will also be deployed to support expansion in Thailand, its third market. The previously announced entry into Thailand has been delayed due to the pandemic. The motorist wants to be operational in Thailand by the end of 2021.
“As we prepare for the opening of the economy, our team will accelerate our execution in all markets to support more motorists in their ownership cycle,” said Damian Sia, founder and CEO of Motorist.
The Motorist app, which was officially launched in 2019, has grown to over 120,000 users in the last two years. Since its previous angel round in January 2019, its gross commodity value has gone from $ 176 million to more than $ 650 million today.
Leading investor Lim Der Shing said: “A few years ago I was an early investor from Angel to Motorist and I followed Damian and his team for over two years before investing more. They have demonstrated their ability to be effective in capital and have built a profitable business for millions of dollars, mainly by uprooting them.
“It has been an exciting journey that has taken Motorist to where it is today. We have evolved from a contemporary vehicle sales platform to one that supports motorists at all stages of their vehicle ownership cycle. Our team appreciates the vote of confidence from our existing investors.
The motorist aims to get rid of all the fuss of owning a vehicle, selling it and everything in between.
From vehicle maintenance, purchase and sale, the app supports users from start to finish. It’s not just an app to buy and sell your car; it is also a community. New features that have been introduced include the vehicle group chat feature that allows drivers with similar vehicles to share specific tips and statistics about vehicles.
Users can also find recommended workshops to attend to their vehicles in the workshop directory and enjoy cash discounts with mPay, their online payment feature.
Currently, Motorist said it is the leading vehicle auction platform in Singapore, which has served nearly 500,000 drivers and facilitated vehicle transactions worth more than $ 600 million.
Revenue has grown fivefold between 2018 and 2021 and the company believes there is much more untapped growth potential in the vehicle auction space and throughout the vehicle ownership cycle.
The app said it helps approximately 10% of Singapore’s total vehicle population in vehicle management issues. It plans to scale and incorporate 40% of the vehicle population into the Motorist app by 2023.
Featured Image Credit: Motorist