Thai auto marketplace SiamCarDeal raises $300k from 500 TukTuks

Photo: Reuters

Thailand-based auto marketplace SiamCarDeal has received $300,000 in seed funding from 500 TukTuks, the local unit of US-based venture capital fund 500 Startups, as well as from angel investors, according to a statement.

The company intends to add more services and also support the used cars market this year. The platform will help showrooms improve their overall efficiency and increase sales volume, co-founder Damien Kerneis said.

SiamCarDeal’s platform enables customers to buy new cars, with a fast, easy, and intuitive selection and buying process. In 2018, the company facilitated more than 3,000 car sales, with a value of $75 million.

Launched in 2016, SiamCarDeal aims to be a preferable platform for people who look for new cars with the best deals. It has partnered with over 100 car dealers across Thailand and provides more than 1,500 deals for its customers.

500 TukTuks sees the growth potential of SiamCarDeal in the future, as the platform offers various promotions for different types of buyers to boost sales, according to Natavudh Pungcharoenpong, venture partner, 500 TukTuks.

The company is supported by its real-time lead management system (LMS) technology, an end-to-end solution which could be developed and used domestically and abroad once SiamcarDeal expands into the regional market.

500 TukTuks typically invests in early-stage companies in the Aian market across sectors such as foodtech, e-commerce, travel, agritech, logistics, fintech, health, proptech, AI and biotech, energy and insurtech. Besides Thailand, the firm is also looking at opportunities in Cambodia, Laos, Myanmar, and Vietnam.