Indonesia’s BeliMobilGue raises $10m Series A

Existing backers include Intudo Ventures, which led a $3.7 million Series pre-Series A, as well as Amand Ventures, Tasman Fund and Digital Garage. The fresh capital will be used to further expand into key Indonesian cities, launch new verticals, enhance sales and marketing efforts, and hire new staff.

“Closing this Series A round is a huge accomplishment for us and wouldn’t have been possible without the tireless efforts of my colleagues in Indonesia, who successfully grew our business by 10x year-on-year in this highly competitive environment,” said Rolf Monteiro, founder and CEO of BeliMobilGue.

Launched in April 2017, BeliMobilGue is a joint venture between Monteiro, Frontier Car Group, and Intudo. The company's online platform allows consumers to sell their cars to over 1,000 private buyers. Its team conducts an inspection on each car before uploading a report onto an app that allows buyers can make an offer while viewing other competing offers.

In 2018, the company focused on developing in the Jakarta region, opening over a dozen new physical stores. It also introduced financial services, trade-in services for new car showrooms, and fleet services, allowing large corporations to offload vehicles in bulk. Dealer financing is one of the main growth areas for 2019.

Used car sale platforms in Southeast Asia have been attracting investors’ attention in recent years, partly because of the large volume of vehicles sold in the region. Vehicle sales in Southeast Asia were higher than anywhere else in the world in 2017 in terms of volume, according to BMI Research.

BeliMobilGue’s competitors include Carsome, a Malaysian used car trading platform that received $19 million in a Series B round led last year by Burda Principal Investments, the investment arm of European technology and media company Hubert Burda Media. The plan is to expand the company into Indonesia, Thailand and Singapore.

Other companies receiving investment in the region include Singapore’s Carousell, which received a $85 million Series C funding round led by Rakuten Ventures and EDBI in May last year. In the same month, its Singaporean rival Carro got a $60 million Series B funding round led by Softbank Ventures Korea, Insignia Ventures Partners and B Capital Group.

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• Topics
• Consumer
• Early-stage
• Southeast Asia
• Southeast Asia
• automobiles
• TMT