Motorist secures Tokyo Century Leasing (Singapore) as lead investor in Series A round at a valuation of US$ 60 million

Motorist secures Series A investment at a valuation of US$60mil

By Digital News Asia January 23, 2024

Existing investors also participated in this round
Actively seeking more strategic investors for its Series A round

fFom left: Eugene Foo, chief operating officer Jake Ler, chief marketing officer, Damian Sia,founder & CEO and Angela Poh, chief revenue officer

Singapore startup, Motorist, that aims to simplify vehicle ownership via digital tools, has announced Tokyo Century Leasing (Singapore) as a lead investor in its Series A funding round where, although it did not share the amount raised, stated that the funding was at a valuation of US$60 million (RM283.6 million). The funding marks its expansion in automotive financing for customers in Singapore, Malaysia, Thailand, and Vietnam.

Existing investors through an AngelCentral Syndicate, have also followed in this round, the firm said in a statement.

With Tokyo Century Leasing (Singapore) expertise and support, Motorist said it is set to enhance its financing business to offer even more comprehensive lending solutions. This move aligns with its vision to streamline the automotive ownership and trading experience, making it more accessible and efficient for all parties involved.

In the wake of this fundraising, Motorist is still seeking additional strategic investors for its Series A round. These partnerships are not just financial investments, but shared ambitions of co-creating value, driving innovation, and accelerating growth in new markets.

Damian Sia, founder and CEO of Motorist, said, the investment is a major step forward. "It's more than just funding; it's about building a network of strategic partnerships that can bring holistic improvements to the automotive ecosystem. We're now looking for additional investors who are ready to join us in this journey and contribute to a future where automotive transactions are seamless, transparent, and user-friendly," he added.

Motorist said its current success, with its Motorist Super App used by 15% of vehicle owners in Singapore, is just the beginning. Operational in Malaysia, Thailand, and Vietnam, it has plans to expand to ten countries by 2026 with upcoming operations in the Philippines.