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Indonesian auto startup TiinTiin raises over $2.5m in seed round

Used car marketplace aims to expand to other Southeast Asian countries in 2021

Indonesian startup TiinTiin, which operates a platform for buying and selling used cars, plans to expand into other Southeast Asian countries in 2021.  (Source photos by Reuters)

JAKARTA -- Indonesian used automobile marketplace announced on Wednesday it has raised over $2.5 million in a seed round led by CEO Rolf Monteiro, Singapore-based Amand Ventures and PT Luminary Media Nusantara.

The startup, which was launched in the second quarter of this year, will deploy the proceeds to accelerate its growth into new verticals, including the motorcycle segment in the third quarter and used car business-to-business and business-to-consumer transactions in the fourth quarter.

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