Local tech startup Mobee, a leading used car platform operating in the Philippines, Malaysia, and Indonesia, has announced it has raised Seed funding of an undisclosed amount to expand its operations and address the industry’s long-standing challenges. The funding round, led by Kaya Founders, will enable Mobee to introduce innovative solutions that promote transparency, trust, and efficiency in used car transactions.
Co-founded by Jeffrey Ong, Jonathan Yeoh, Ong Kai Sin, and Ana Pelayo who bring a wealth of expertise spanning technology, automotive, retail, and finance, Mobee has quickly grown to become a trusted platform for used car buyers and sellers in Southeast Asia. With close to 40,000 customers and around 1,000 authorized buyers, Mobee claims to offer the best car selling experience – fast, safe, and at the right price. The company’s user-friendly platform also simplifies the buying and selling process, making it easy and hassle-free for customers.
Notably, Mobee has more than tripled its user base in the past year, demonstrating strong market demand for its innovative solutions. By year-end, Mobee is projecting to achieve a gross transaction value run-rate of US$30 million as it capitalizes on the US$60 billion used car market in Southeast Asia.
The Philippines used car market is expected to grow significantly in the coming years, driven by factors such as increasing online adoption, rising incomes, and changing lifestyles. According to a 6W Research study, the market is projected to grow at a CAGR of over 5.9% from 2024 to 2030.
Mobee’s innovative solutions have attracted significant interest from both consumers and SMEs. The company’s platform offers a number of features that make it easier for buyers and sellers to connect, negotiate, and complete transactions.
“We are laser-focused on solving the pain points of our target segment – SME used car retailers, which make up 90% of the volumes within the used car market,” says co-founder Jeffrey Ong. “Our belief is that only by serving the SME dealers, can we create a lasting impact on the entire industry.”
SME used car dealers often struggle with sourcing quality vehicles and ensuring accurate assessments. This can lead to difficulties in pricing, negotiating, and completing transactions efficiently.
One of Mobee’s key offerings is a proprietary pricing calculator that provides real-time market analysis, enabling SMEs to adjust their pricing strategies dynamically and deliver maximum value to both sellers and buyers of second-hand cars.
Beyond its core technology platform, Mobee aims to help SME dealers compete better with larger players. They plan to offer services like car refurbishments, warranties, and financing options. Mobee is also working with international companies to provide high-quality warranties and financing solutions.