Automotive tech firm Motorist raised strategic investment from Tokyo Century Leasing
Tokyo Century Leasing (Singapore), a division of the Japanese auto financing group, has raised a strategic investment in Motorist, an automotive tech company based in Singapore. The startup stated that US $60 million was raised in a funding round, but it did not disclose the exact amount.
Motorist, a company founded in 2015, streamlines transactions involving vehicles, such as car appraisals, used car listings, loan and insurance applications. In 2019, it released an app.
The company expects the funding to increase the “accessibility and efficiency” of its solutions for customers, according to a statement. The startup had previously stated that it wanted to concentrate more on different driver needs and less on car transactions.
In addition, the motorist is looking for more investors for the series A round.
Since its establishment, Motorist claims that its network has made it easier to buy and sell automobiles valued at over USD 1 billion. Five years after reaching a total of US $100 million in vehicle sales transactions, the company reached this milestone in 2023.
15% of Singaporean car owners, according to the company, use its app. With its most recent launch in Vietnam last year, Motorist has also extended its services to other nations, including Malaysia and Thailand.
