TiinTiin.id snags over $2.5m seed

TiinTiin.id, an Indonesian auction-based marketplace for used cars and motorcycles, has raised over $2.5 million in seed funding.

TiinTiin.id, an Indonesian auction-based marketplace for used cars and motorcycles, has raised over $2.5 million in seed funding. The investors included Amand Ventures.

PRESS RELEASE

INDONESIA, July 08 — Indonesia’s first multi-vertical auction based marketplace for used cars and motorcycles announced the completion of their first $2.5+Million seed round led by CEO Rolf Monteiro and renowned VC’s such as Amand Ventures and PT. Luminary Media Nusantara. TiinTiin.id recently launched in Q2, 2020, initially as a C2B used car platform, that includes instant buyer financing. TiinTiin.id will use the proceeds of this financing round to further enhance growth beyond C2B-only, by expanding into multiple new verticals, such as adding Motorcycles in Q3; B2B & B2C in Q4. TiinTiin.id will be the first to take this multi-vertical approach in South-East Asia, aiming to build financial services & ancillaries on top of a massive marketplace, in a market worth over $32 Billion. In 2021, the company intends on launching other lucrative South-East Asian markets.

TiinTiin – an onomatopoeia: The sound of Indonesian car ‘Honks’
TiinTiin.id is led by Rolf X Monteiro, a mixed Dutch- Indonesian entrepreneur with vast experience in the Indonesian market, having previously served as CEO and Founder of BeliMobilGue.co.id (BMG), before amicably splitting in early 2020. From inception, to his departure 26 months later, the company grew well over 35x in value, giving the earliest investors a great outlook.

Today, Monteiro sees the vast untapped potential of the highly fragmented (93+%) Indonesian used car market, representing the largest portion of a growing SEA used- automotive market. Tapping into this potential was one of the main reasons for teaming up with TiinTiin.id. As Monteiro explains: ‘I joined TiinTiin.id- with the realization there is a Blue Ocean opportunity out there waiting for us. Our aim is to capture at least 10% market share at maturity.’

TiinTiin.id has a core team of 20-25 people that are highly experienced, with a proven track record in similar industry. Monteiro: ‘One of our core values is to build a culture of excellence, having the experience and enthusiasm to build from scratch, with a team that has worked with one another and has delivered enormous growth. This places us in a unique position. We want our company to authentically represent great Indonesian talent & attitude as we are proud to be a local startup.’

The company owns its own IP and has developed its own proprietary tech from scratch, enabling it to localize, customize and scale as the business grows.

By now TiinTiin.id has expanded its retail network throughout Greater Jakarta, welcoming Indonesian vehicle owners with a smile and quality of service. Since TiinTiin.id’s launch in 2020-Q2, the company has scaled to over US$7M annualized GMV (1,200+ annualized transactions) with a solid 70+% Growth.

“As devastating and challenging a pandemic as Covid-19 is, it has really forced us all at TiinTiin.id to re-think and re-consider every step we’ve made since inception- even during our initial launch this April, to ensure a unique opportunity during- and post-pandemic”
TiinTiin.id has gone the extra mile to react to a highly dynamic Indonesian vehicle market, by remaining very lean and cost-effective. As Monteiro explains “Covid-19 has created a unique opportunity to re-position our market entry strategy and make sure our execution facilitates our clients at both demand- and supply side. Covid-19 has made new car buyers re-consider, while the young- car market has spiked. Some have decided to turn their backs on public transport, others might need to swap their assets to ensure sufficient liquidity. This has led to a spike in used car sales this year. This aligns with a larger, worldwide pandemic trend, with used cars sales up 106% May vs. April and 13.3% year-on-year.

With our buyer financing options, multi- vertical approach and expansion into used motorcycles, we are uniquely prepared to react to the current state of the market and meet the increased demand for used vehicles during these uncertain times.

With early investments by Amand Ventures & PT. Luminary Media Nusantara, the company has some of the most influential and committed investors onboard enabling us a strong path of growth. We’re excited to see how this year will evolve and we are confident about our long-term goals.

“We strongly believe in partnering with founders who are tackling a fundamental problem in the large and fragmented Indonesian market. We also believe in supporting Indonesia-centric startups. TiinTiin is the latest one. Rolf brings a wealth of experience and expertise when it comes to operating in Indonesia as well as the used automotive online environment. We’re excited to back a founder and enthusiast with such a strong track record who understands how to accelerate TiinTiin into a dominant South-East Asia player. ” Triono J. Dawis, Amand Ventures

“PT. Luminary Media Nusantara believes in investing in visionary companies and passionate entrepreneurs, such as Rolf Monteiro, whose ideas identify problems and create value.” Leonel Gozali, PT. Luminary Media Nusantara

About TiinTiin Founding Team
Rolf X Monteiro – SEAuto Group CEO dutch- indonesian founder, with over a decade of experience as a start-up CEO in Europe, MiddleEast & South- East Asia. Previously Founder and CEO of BeliMobilGue.co.id in Indonesia, led iCar Indonesia, Groupon Netherlands & UAE and LivingSocial Indonesia in various positions.

Alexander Alvin – TiinTiin SVP Business Indonesian co-founder, with a decade of experience in some of Indonesia’s most exciting internet- start-up& growth companies such as BeliMobilGue.co.id, Matahari Mall & LivingSocial/ Ensogo Indonesia

Renee van Haaren – TiinTiin Head of Marketing, dutch- born co-founder with an impressive track record building Performance Marketing, Branding & Offline Marketing at BeliMobilGue.co.id from scratch. Earlier driving Strategic Marketing at Burger King Indonesia & Burger King The Netherlands.

Faisal Aswar –TiinTiin Head of Contact Centre, Indonesian co-founder who build BeliMobilGue.co.id’s contact centre from scratch, well ahead of many other emerging markets. A decade of experience with previous endeavors at Deliveree & LivingSocial Indonesia. Previously Head of Contact Centre at BMG. Built BMG’s Contact Centre of 70+ people from scratch, including set up of all systems, execute around 5000 calls per day.

About Amand Ventures
“We invest in startups which are solving pain points in real life. We value-add no matter what, in any situation!”

We are an investment company focusing on early stage startup investments.
Unlike the traditional VC model, our approach allows us to be flexible in how we add value. We are in it for the long-term, with the resources to back it up. In addition to providing local knowledge and business network opportunities, we can deploy capital in various structures: from equity investments to short-term loans as well as favorable real-estate locations.