Indonesian used car marketplace BeliMobilGue.co.id announced today that it has raised a US$3.7 million in Pre-Series A funding round led by venture capital firm Intudo Ventures.
Go-Jek co-founder Michaelangelo Moran also participated in the funding round, together with several undisclosed global VC and corporate investors and family offices.
The startup said in a press statement that it will use the new funding to expand its physical network, enhance sales and marketing efforts, and hire new staff.
For the year 2018, co-founder and CEO Rolf X. Monteiro told e27 in an email that the startup is also looking to launch financial services and fintech solutions.
“We have been working on financial services products and anticipate introducing such services in early 2018. We recognise that there is room to introduce multiple exciting buyer financing products and we are confident this will enhance buyers’ ability to accelerate growth,” Monteiro wrote.
“Besides that, we are exploring consumer finance and re-finance options, as it would be great to advise a consumer as early as when they plan to sell their existing vehicle,” he added.
BeliMobilGue.co.id is the result of a joint venture between Intudo Ventures and Frontier Car Group (FCG), a Berlin-based used automotive marketplace. FCG was co-founded in by Sujay Tyle, Peter Lindholm, and Andre Kussmann and is backed by Balderton Capital and TPG/Satya.
Launched in April 2017, BeliMobilGue.co.id aims to provide customers with a “safe and hassle-free” car inspection and transaction process, which the startup claimed to last typically an hour from start to finish at zero cost to the customer.
It conducts a 300-point inspection with its team of expert inspectors and uploads the report to its sales app; the process are being conducted in 17 different locations that users can pick themselves and are open even on weekends. Once the inspection result is uploaded, qualified buyers will then be able to make offers for the car while viewing competing offers.
According to Monteiro, the inspection process is the platform’s strength when compared to generic C2C marketplaces such as OLX, which has also begun opening channels for used cars.
“The vehicles listed have probably not undergone any inspection, therefore the condition cannot be guaranteed and the person offering can decide themselves on any asking price that comes to mind – no matter how realistic or outrageous,” he wrote.
The startup monetises by receiving a share of the transaction from the purchaser and holds the car at a distribution centre for pick-up.
It is currently focussing on the Greater Jakarta Area market.
“Our ambition is definitely to go nationwide Indonesia one day, however we want to make sure we can deliver the same quality of service as we do at any of our locations around Jakarta,” Monteiro said.
The investment into BeliMobilGue.co.id marks the first that Michaelangelo Moran has announced since leaving Go-Jek in October 2016. Prior to his departure, he hold the position of Brand Director and is credited for creating the company’s logo.
Founded by Eddy Chan, Patrick Yip, and Timothy Chen, Intudo Ventures was launched in June 2017 with a more than US$10 million fund. It targets 12 to 16 early stage companies in the field of consumer, finance, healthcare, education, and media led by local founders and returnee talents from overseas market.
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