Singapore automotive startup raises nearly $900k in seed funding

Motorist, a Singapore-based automotive startup, has raised S$1.2 million (US$891,700) in seed funding. It received the investment from an AngelCentral syndicate led by angel investor Lim Der Shing, co-founder of JobsCentral.

Launched in 2019, the Motorist app facilitates various vehicle-related transactions, ranging from car valuations and second-hand car listings to loans and insurance applications. It also has driver safety features such as road assistance and flood alerts.

Motorist management team (from left): chief marketing officer Jake Ler, CEO Damian Sia, and chief operating officer Eugene Foo / Photo credit: Motorist

The startup will use the fresh funds to boost its growth in Singapore and Malaysia and support its entry into Thailand, while also looking to expand its tech team in Vietnam. The firm is eyeing more than 100 new hires across all four countries.

“We have evolved from a contemporary car-dealing platform to one that supports motorists in all stages of their vehicle ownership cycle,” said Damian Sia, founder and CEO of Motorist.

The startup claims to serve 10% of Singapore’s vehicle population and aims to bump that share up to 40% by 2023. Its gross merchandise value has also breached the S$650 million (US$482 million) mark.

In December 2019, Motorist won the second edition of Tech in Asia‘s Pitch Night. The automotive startup had officially launched its app in the same year.

See also: Singapore automotive platform Motorist raising up to $2.9m to rev up regional expansion

Updated Sept. 14: An earlier version of this story said that Motorist already raised US$2.9 million. This has been corrected.

Currency converted from Singapore dollar to US dollar: US$1=S$1.35