The car-sharing marketplace Moovby announced a US$500K from unnamed angel investors and strategic partners.
Headquartered in Kuala Lumpur, Moovby car sharing marketplace issued a US$500K new funds from unspecified angel investors and strategic partners, bringing the company’s total of US$660K investment.
Moovby is a peer-to-peer car sharing marketplace that empowers people to safely share cars by the hour, day, or week through a trusted online marketplace. It offers corporate a business class driving experience by spoiling them with a varied choice of cars.
Moovby helps to create a seamless and fun sharing experience. With the new accumulated funds, the company is planning for market expansion in Southeast Asia, tapping Singapore and Thailand.
“We are excited to continue driving growth in existing markets, while also bringing Moovby to more communities across Malaysia, Indonesia and soon countries in Southeast Asia,” said Nik Muhammad Amin, Founder and CEO of Moovby.
Moovby started its activity in Malaysia in 2017 and later expanded to Indonesia in 2018 when the company takes part in the activity in the Malaysia Digital Economy Corporation (MDEC) EXPAND program.
According to Muhammad Amin, Indonesia is the largest Southeast Asian economy with almost 300 million population and a powerful market size of over RM2 billion in total revenue.
“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,” Muhammad Amin added.
Talking about the opportunities in Singapore and Thailand, Muhammad Amin said that he’s not only eyeing Singapore as market expansion but is viewing it as a new headquarter. “Singaporeans are more than willing to share their private cars. Singapore’s market is huge regardless of the size of the country. As per a Statista report, it is a US$159 million market,” Muhammad Amin stated.
As for Thailand, Muhammad Amin said, “We are looking to conquer more than 60% of the market share in Thailand for care rental by 2023, where we are looking to explore other verticals such as yacht, helicopter, and caravan sharing.”
Reports say that Moovyby already has more than 1,500 cars accommodated by Traveloka.