raises US$10mil in Series A funding

  • Round was led by its Berlin-based parent company Frontier Car Group
  • Financial services, specifically dealer financing, will be a main growth area for 2019 raises US$10mil in Series A funding


INDONESIAN online transactional marketplace for used cars on Feb 12 announced the closing of a US$10 million (RM40.7 million) Series A round of financing led by parent company Frontier Car Group, with participation from both new and existing investors, including Jardines-owned PT. Toyota Tunas Indonesia. will use the proceeds from the financing to further expand into key Indonesian cities, launch new verticals, enhance sales and marketing efforts, and hire new staff.

Launched in April 2017, is an Indonesian online marketplace that enables consumers to sell their cars to a large private network of 1,000+ qualified buyers. provides consumers with a safe and convenient transaction process, lasting typically one hour from start to finish and at zero cost to the consumer.

With its team of expert inspectors, conducts a 300 point inspection on each used car and uploads the inspection report onto its partner app.

Through the company’s partner app, qualified professional buyers around Indonesia are able to make an offer on the car while viewing competing offers, thereby maximising the selling price for the consumer and offering an unlimited channel for buyers to acquire thoroughly inspected used cars. instantly pays the consumer and completes the transaction while it holds the car at a company distribution centre for buyer pick up.

As a joint venture between founder Rolf Monteiro, Berlin-based Frontier Car Group and Indonesia-only independent venture capital firm Intudo Ventures, combines global best practices and advanced technological infrastructure with local relationships and sensibilities.

Monteiro, a veteran global entrepreneur, is joined by Renée Van Haaren and Alexander Alvin, who respectively lead marketing and marketplace efforts.

Frontier Car Group is backed by Naspers/OLX, Balderton Capital, TPG Growth and Partech Ventures.

As part of the Frontier Car Group network, has access to global capital and a network of other similar businesses in emerging markets, allowing the company to focus on execution and growth.

For 2018, focused on the Greater Jakarta Region, opening over a dozen new physical locations, representing a total 30 locations throughout the metro area, while enhancing the organisation top to bottom.

The company also introduced financial services, trade-in services for new car showrooms and fleet services, allowing large corporations to offload vehicles in bulk.

Financial services, specifically dealer financing, will be one the main growth areas for 2019 which offers significant synergies to facilitate qualified buyers with short-term customised car financing, removing several hurdles by offering greater access to working capital.

Through’s partnerships with OLX and PT. Toyota Tunas Indonesia, the company is able to engage with the entire automotive industry across the value chain, directly connecting with both private sellers and new car buyers.

With the support of PT. Toyota Tunas Indonesia, is positioned to accelerate its Indonesian footprint and enhance its logistics and warehousing operations by engaging with one of Indonesia’s most established automotive players.

With the proceeds from this round of financing, will further extend its position in Indonesia by enhancing marketing activities and expand to multiple key cities, including the major cities on the main island of Java.

The company will continue to develop its core technology platform to better serve its partners and customers alike. will also recruit key talent to drive forward business growth and ensure high quality experience for all end users. The company remains focused on Indonesia, which is Southeast Asia’s largest auto market.

“Closing this Series A round is a huge accomplishment for us and wouldn’t have been possible without the tireless efforts of my colleagues in Indonesia – who successfully grew our business by 10x year-on-year in this highly competitive environment. I believe that this round demonstrates a strong investor validation of our business in Indonesia, reflecting the trust and excitement that both new and existing investors have for us.

On top of fresh capital, this round will further accelerate growth through global engagement and local strategic partnerships,” said founder and chief executive officer Rolf X Monteiro.

Prior to this round, raised a US$3.7 million (RM15.06 million) Series Pre-A round of financing led by Intudo Ventures. Additional backers include Amand Ventures, Tasman Fund and Digital Garage, among others.


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