Singapore’s Motorist refuels with series A capital at $60m valuation

(From left) Motorist chief marketing officer Jake Ler, CEO Damian Sia, and COO Eugene Foo / Photo credit: Motorist

Motorist, a Singapore-based automotive tech firm, has raised a strategic investment from Tokyo Century Leasing (Singapore), a subsidiary of the Japanese auto financing group. The startup did not disclose the round’s size but said that it was raised at a US$60 million valuation.

Founded in 2015, Motorist facilitates vehicle-related transactions, including car valuations, second-hand car listings, and applications for loans and insurance. It launched an app in 2019.

According to a statement, the company expects the funding to make its solutions more “accessible and efficient” to consumers. Previously, the startup said it was looking to focus beyond vehicle transactions and more on various driver needs.

Motorist is also seeking additional investors for the series A round.

Since its founding, Motorist said its ecosystem has facilitated the buying and selling of more than US$1 billion worth of vehicles. The company achieved this milestone in 2023, five years after hitting US$100 million in total vehicle sales transactions.

According to the firm, its app is used by 15% of vehicle owners in Singapore. Motorist has also expanded its services to other countries like Malaysia and Thailand, most recently launching in Vietnam last year.

See also: Vingroup founder’s EV play revs up Vietnam’s ride-hailing race