Malaysian peer-to-peer car sharing platform, Moovby, has secured a new funding of US$500k from investors and strategic partners.
The company began operations in 2017 and has since expanded to Indonesia in 2018.
The funding will be focused on expansion across the region, with Singapore and Thailand in the pipeline.
Moovby allows anyone to rent cars from private car owners, and car owners to rent out their unused cars for payment.
Owners set their rental prices and earn a 75% commission from their rental revenue.
Moovby is currently available in all major cities in Malaysia and select cities in Indonesia today, with over 3000 vehicles listed on the platform.
To date, Moovby has raised US$660k in funding, including initial grants from Cradle Fund and TERAJU from Malaysia.
The company has also formed strategic partnerships with Indonesia's Traveloka to support bookings across Jakarta, Bandung, Bali, Surabaya, and other cities of Indonesia.
"This capital accelerates our ability to build upon partnerships and increase marketing efforts, further strengthening our ability to enable as many people as possible to share their cars," founder and chief executive officer Nik Muhammad Amin Nik Muhammad Kamil said in a statement today.
Please log in to read this article.
Register for free today and enjoy the following:
Get access to members-only content.
Expand your network and exchange messages with other members.
Promote your company, post up jobs, find customers, and raise funds.
Receive special invitations to upcoming events and community activities.
BEAMSTART is a Hub for Startup News, Business Networking, and Entrepreneurial Resources. Expand your network, discover new possibilities, and tap into a vast database of resources that can help you go further in your business and career.
The app for business networking and startup resources. Be part of the global community of CEOs, Business Leaders, and Professionals. Download below to instantly form partnerships and discover opportunities: