Kenneth Ho 7 Feb, 2020
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.