WYZauto, an online tire marketplace based in Thailand, is expanding across Southeast Asia, including the Philippines, after raising $2.25 million in fresh funding.
The pre-Series A funding round was anchored by Vynn Capital, a venture capital firm that specializes in mobility and supply chain sectors, and backed by existing investors, including Philippines-based Kaya Founders.
Other investors in the round also included Tan Sri Vincent Lee, an early investor in Malaysia’s first unicorn, Carsome, as well as other regional investors such as Oak Drive Ventures.
Headquartered in Bangkok, WYZauto connects two-wheeler or four-wheeler vehicle maintenance businesses with a vast selection of top tire brands.
The platform offers car maintenance businesses access to the country’s largest tire stock and will soon be expanding its coverage to include other vehicle parts, aiming to streamline the entire vehicle maintenance supply chain.
The company works with numerous wholesalers and brands, helping them increase their e-commerce presence and reach new customers through the WYZauto platform.
The startup, launched in April 2021, expanded into Malaysia in 2023, a market strategically positioned as a key hub for the mobility and automotive sectors.
The company said close to 3,000 vehicle service centers have downloaded its platform, generating more than $1.6 million of GMV/month.
Moving forward, WYZauto will continue its expansion across countries like Malaysia, the Philippines, Indonesia, and Thailand, said Victor Chua, Founding & Managing Partner of Vynn Capital.
According to a report, the Philippine tire market was valued at $0.90 billion in 2022 and is expected to register a CAGR of 5.68% between 2023 and 2028.
The growth of the Philippine tire market is due to the high replacement rate of tires, the rising fleet of vehicles, innovation in tire technology, and government initiatives and policies.
Coming in as a new investor in WYZauto, Kaya Founders will provide the startup with strategic support as it explores entering the Philippine market, according to the announcement.