Automotive e-commerce company Frontier Car Group (FCG) has provided $30m in funding for Indonesia-based online car marketplace BeliMobilGue today.
BeliMobilGue was formed in 2017 as a joint venture between FCG, venture capital firm Intudo Ventures and company co-founder and former CEO Rolf Monteiro. It runs an online platform where users can buy and sell second-hand vehicles.
Users receive free online price estimates for the make and model of car in which they are interested, in addition to free inspections of each vehicle. Once they sell a car through the platform they receive the cash instantly.
The new funding will be invested over a two-year period and the round was disclosed alongside the appointment of Johnny Widodo, formerly director of sales and partnerships for mobile series platform Ovo, as BeliMobilGue’s new chief executive.
The deal follows a $10m series A round led by FCG and backed by Tunas Toyota, the owner of a chain of Indonesian Toyota dealerships, in February this year.
BeliMobilGue also named internet company Digital Garage, early-stage investment holding company Amand Ventures, Tasman Fund and angel investor Michaelangelo Moran as backers today, but did not disclose precisely when they supplied financing.
The company now intends to expand within Indonesia, and said it intends to do so through the formation of partnership agreements.
