JAKARTA -- Indonesian used automobile marketplace TiinTiin.id 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.
The company also plans to expand to other Southeast Asian markets in 2021.
TiinTiin.id is led by Rolf Monteiro, founder and former CEO of BeliMobilGue, another used car marketplace. "I joined TiinTiin.id with the realization there is a Blue Ocean opportunity out there waiting for us. Our aim is to capture at least 10 per cent market share at maturity," Monteiro said in a statement.
COVID-19 has further created an opportunity for the company to reposition its market entry strategy, he said, as consumers steer clear of public transportation, while others look to sell their vehicles to ensure sufficient liquidity.
"With our buyer financing options, multi-vertical approach and expansion into used motorcycles, we are prepared to react to the current state of the market and meet the increased demand for used vehicles during these uncertain times," he said.
Venture capital firm Amand Ventures has also invested in Indonesian jewelry e-commerce site ORORI, fintech company Ayopop, and education and fintech company Pintek. Amand had earlier exited its investment in BeliMobilGue.
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