Motorist Company Secures Series A Funding at a Valuation of $60 Million USD

ByYasmeeta Oon

Jan 30, 2024

Singapore-based startup Motorist, renowned for its innovative digital tools designed to simplify vehicle ownership, has recently announced a significant milestone in its journey towards revolutionizing the automotive sector. With a visionary approach to integrating technology in the automotive industry, Motorist has become a game-changer, offering a suite of digital solutions that promise to enhance the experience of owning and trading vehicles.

Tokyo Century Leasing Backs Motorist in Series A Round

In a strategic move to bolster its growth and expand its market reach, Motorist has successfully secured Tokyo Century Leasing (Singapore) as a lead investor in its Series A funding round. This collaboration is a testament to Motorist’s impressive growth trajectory and its potential to redefine the automotive sector. Although the exact amount raised was not disclosed, the funding round values the startup at an impressive US$60 million (approximately RM283.6 million). This valuation reflects the confidence investors have in Motorist’s innovative business model and its future growth prospects.

This influx of capital marks a pivotal moment for Motorist as it embarks on an ambitious expansion plan. The focus of this expansion is to extend its automotive financing services to a broader market, targeting key Southeast Asian countries including Singapore, Malaysia, Thailand, and Vietnam. This geographical expansion is strategically aligned with the company’s mission to make automotive financing more accessible and user-friendly across the region.

Continued Support from Existing Investors

In addition to the backing from Tokyo Century Leasing, Motorist has also witnessed continued support from its existing investors. Notably, participants through an AngelCentral Syndicate have reinvested in this round, signaling strong faith in the company’s direction and future prospects. This ongoing support from early backers is crucial as it not only provides financial stability but also serves as a vote of confidence in Motorist’s strategic plans and vision.

Enhancing Financing Business with Expertise from Tokyo Century Leasing

With the backing of Tokyo Century Leasing (Singapore), Motorist is poised to significantly upgrade its financing business. The expertise and support from this major investor will enable Motorist to offer more comprehensive and sophisticated lending solutions, further enhancing its value proposition to customers. This strategic partnership aligns perfectly with Motorist’s goal to streamline and simplify every aspect of automotive ownership and trading, making these processes more accessible and efficient for all stakeholders involved.

Even with this successful funding round, Motorist is actively seeking additional strategic investors for its Series A round. The company is not just looking for financial support but is keen on forging partnerships that align with its vision of co-creating value, driving innovation, and accelerating growth in new markets. These partnerships are seen as pivotal in expanding Motorist’s reach and impact within the automotive ecosystem.

Damian Sia, the founder and CEO of Motorist, expressed his enthusiasm about the recent investment. He emphasized that this funding signifies more than just financial support; it represents the formation of a network of strategic partnerships aimed at bringing holistic improvements to the automotive ecosystem. Sia’s vision for Motorist is clear – to attract investors who are willing to embark on a journey towards transforming the way automotive transactions are conducted, making them seamless, transparent, and user-friendly.

Motorist’s Current Success and Future Aspirations

The success of Motorist is already evident with its Motorist Super App, which is utilized by 15% of vehicle owners in Singapore. The startup’s operational footprint extends to Malaysia, Thailand, and Vietnam, and there are ambitious plans to expand to ten countries by 2026, with imminent operations in the Philippines. This expansion strategy underscores Motorist’s commitment to becoming a dominant player in the automotive digital solutions sector, with a focus on simplifying and enhancing the vehicle ownership experience on a global scale.

Motorist’s Path Forward

Motorist stands at a crucial juncture in its journey, bolstered by strategic investments and partnerships. With its innovative approach and commitment to revolutionizing the automotive industry, the company is well-positioned to achieve its ambitious goals. The journey ahead for Motorist is filled with potential and promise, as it continues to navigate the evolving landscapes of technology and automotive services.

Featured Image courtesy of DALL-E by ChatGPT

Yasmeeta Oon

Just a girl trying to break into the world of journalism, constantly on the hunt for the next big story to share.