DOON, the Philippines’ pioneering fully-insured peer-to-peer (P2P) car-sharing platform, has secured $1.5 million to complete its pre-seed funding round to accelerate growth and expansion.
The funding round combines $500,000 in equity and a $1 million debt facility. The equity portion attracted a diverse group of investors, including angel investors, domestic and foreign family offices of tech entrepreneurs, and venture studio AHG Lab, DOON’s first backer.
The investment will be used to enhance DOON’s online platform and mobile app, strengthen its team with key hires, and expand its reach in key cities and tourist destinations across the Philippines.
“We’re grateful for the strong signal of support and belief from our new investors in our business model and ability to execute,” said DOON CEO and Co-Founder Enrique Hormillo. “With the funding, we will be able to focus on creating the best user experience for our customers by deeply enhancing our digital platforms, strengthening our brand presence, doubling-down our operations in prominent city and tourist destinations, and expanding our product offering.”
DOON partners with Pioneer Insurance to offer comprehensive car rental coverage, giving both car owners (hosts) and renters (guests) peace of mind. COO and Co-Founder Miguel Locsin believes DOON can change how people view car ownership.
“Cars can be assets that generate income,” says Locsin. “We are providing hosts a way to do this that manages their risk while giving the guests a convenient way of getting around, not just in major cities, but in the provinces too.”
As a portfolio company of AHG Lab, a Philippine venture studio, DOON secured initial funding and support for technology development, administration, marketing, and financial planning. AHG Lab CEO Rene Cuartero expressed enthusiasm for the team.
“We’re quite excited for the team of Enrique, with his decade-long experience in the automotive industry, and Miguel with his seasoned tech platform operator experience, as they have now built-up significant capital to execute DOON’s exciting growth plans,” shares Cuartero.
DOON’s partnership with Esquire Financing, a subsidiary of Fuel Dreams Holding, was further solidified with an additional debt facility of up to $1 million. Fuel Dreams also participated in the equity portion of the funding round, demonstrating a strong commitment to the growth and success of the P2P car-sharing platform.
In July, DOON announced being chosen as one of the grant beneficiaries of the Technology Innovation for Commercialization (TECHNiCOM), launched by the Department of Science and Technology (DOST), that supports innovations in smart electronics, IoT, software, robotics, transportation, and manufacturing.