Singapore startup for car dealers raises funds from 500 Startups, Wavemaker, others

(From L to R:) Partner Tim Rushforth, CEO Tobias Meister, and CTO Adam Goryczka. Photo credit: Aureso.

Singapore-headquartered Aureso has raised a pre-series A round of investment from 500 Startups, Wavemaker Partners, and others. The valuation of the round was undisclosed, but involves  a “7-figure equity funding,” in US dollars, the startup said in today’s statement.

Aureso a software-as-a-service startup for the automotive industry. Its “sales productivity platform” helps car dealers modernize on two fronts: it does away with inefficient, paper-based processes and adds a layer of previously unavailable business intelligence. It can be configured to connect multiple dealers with groups, importers, and manufacturers so that everyone along the chain benefits from real-time sales performance data.

It solves the problem of having to use multiple different tools such as for customer relationship management and sales, by rolling it all into one, tailored to the industry’s specific needs.

With the new funding, Aureso plans to expand the team and add more features to its software. It also aims to enter new markets in the coming months.

Working with Porsche

Aureso launched in Singapore one year ago, telling Tech in Asia that it would be begin working with its first client, Porsche, as a proof of concept.

Co-founder and CEO Tobias Meister said at that time that it plans to “get at least one global contract with a manufacturer and complete its series A” before setting up a presence in major automaker countries like Germany and Japan. He was also interested in China because of its market size.

One year on, the geographic expansion focus has slightly shifted. “We are focusing on APAC with particular focus on Southeast Aisa and Australia for now,” Philipp Hofsommer, who is responsible for finance and human resources at Aureso, tells Tech in Asia.

The startup has been able to lock in several dealerships selling premium and luxury vehicles of European car brands of in Singapore, Malaysia and Indonesia, Hofsommer adds, but the names of those dealerships are confidential.

CEO Tobias Meister spent more than six years in the automotive industry, including stints at German automakers Audi, BMW, and Porsche. The rest of the Aureso founding team is similarly experienced. Co-founder and Aureso partner Tim Rushforth is also CEO of Rush4th, a consulting firm that specializes in helping car dealerships grow.

Aureso has previously been backed by a number of angel investors.

Update 1:30 pm: Added information provided by Philipp Hofsommer on geographic expansion plans and milestones achieved in the last year.