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February 24, 2019
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BeliMobilGue raises $10M for its used-car sales platform in Indonesia

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BeliMobilGue, a used car sales platform in Indonesia, has fueled up with a $10 million Series round for the race to dominate the automotive market in Southeast Asia’s largest economy.

The company was started in 2017 as a joint venture between Europe’s Frontier Car Group (FCG) and Intudo Ventures, a VC firm focused on Indonesia. BeliMobilGue said today that the capital came from FCG and new investors, which include Tunas Toyota — the authorized dealership for Toyota cars in Indonesia.

It’s worth noting that FCG itself is a venture which, as the name sounds, develops on automotive ventures in emerging (frontier) markets in Latin America, Asia and Africa. Its investors include Naspers/OLX, Balderton Capital, TPG Growth and Partech Ventures.

This Series A round follows a $3.7 million round last year for BeliMobilGue — which means ‘buy my car’ in Indonesia’s Bahasa language.

BeliMobilGue is aimed at making it easy for car owners to sell their vehicle.

The first step is an online price estimation for vehicle. If the owner is happy with the valuation, BeliMobilGue takes the vehicles in and, after a one hour check attended in person by its testers, it arranges a sale to its network of over 1,000 dealers and private buyers. The entire process is targeted at one hour and is free for consumers, BeliMobilGue CEO Rolf Monteiro told TechCrunch.

The company has 30 physical testing points across Jakarta, Indonesia’s capital city, and with this money in the bank it is targeting expansion to Java. By the end of this year, Monteiro forecasts that the number of physical stations will have passed 100.

Another target for this year is ancillary services. BeliMobilGue is focused on enabling dealers, many of whom are often small businesses rather than nationwide chains, to growth with its service so it is offering financial packages financed by a third-party bank.

“The difference between small and large dealerships is their access to capital,” Monteiro explained in an interview. “We are a little bit more comfortable [than a bank] to extend their finance because we’re not just using data, we’re sitting on that dealer relationship.

“Plus we are sitting on cars, so we are financing cars that come from our platform and [if necessary] we can help offload the car for the dealer,” he added.

BeliMobilGue aims to sell vehicles within an hour, that includes a comprehensive inspection that’s carried out by its staff and covers 300 points.

BeliMobilGue is far from alone in going after Indonesia, which is the world’s fourth most populous country and the cornerstone of most digital strategies for the region. An annual report from Google and Temasek forecasts that Indonesia’s online economy will grow to $100 billion by 2025 from $8 billion in 2015. Southeast Asia as a whole is predicted to reach $240 billion, which is telling of the significance of Indonesia.

With that in mind, regional rivals have doubled down on Indonesia.

Carro has raised $78 million to date — including a $60 million Series B last year — while Carsome has $27 million and iCar Asia, from venture builder Catcha, has pulled in $39 million to date.

Each of that trio serves multiple markets across the region, not Indonesia exclusively, which is where Monteiro believes he can find an advantage. While he admitted that BeliMobilGue could have raised more money — it stuck to finding ‘smart money’ over amassing pools of cash, he said — he sees the existance of competition as win-win for the industry.

“Indonesia is a massive market,” he said. “Whether it is us, Carro or Carsome, the competition helps educate the market and it will get us new business. But, as much as I welcome them, I want that dominant position.”

Adding strategic investors like Tunas Toyota is, Monteiro believes another key differentiator.

“An investor like Tunas has 25-30 years of experience, so, for us, this partnership is golden. We’re quite content with the round and how it played out,” he said.

News Source = techcrunch.com

Africa Roundup: Local VC funds surge, Naspers ramps up and fintech diversifies

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Africa’s VC landscape is becoming more African with an increasing number of investment funds headquartered on the continent and run by locals, according to Crunchbase data summarized in this TechCrunch feature.

Drawing on its database and primary source research, Crunchbase identified 51 “viable” Africa-focused VC funds globally—defining viable as formally established entities with 7-10 investments or more in African startups, from seed to series stage.

Of the 51 funds investing in African startups, 22 (or 43 percent) were headquartered in Africa and managed by Africans.

Of the 22 African managed and located funds, 9 (or 41 percent) were formed since 2016 and 9 are Nigerian.

Four of the 9 Nigeria located funds were formed within the last year: Microtraction, Neon Ventures, Beta.Ventures, and CcHub’s Growth Capital fund.

The Nigerian funds with the most investments were EchoVC (20) and Ventures Platform (27).

Notably active funds in the group of 51 included Singularity Investments (18 African startup investments) Ghana’s Golden Palm Investments (17) and Musha Ventures (36).

The Crunchbase study also tracked more Africans in top positions at outside funds and  the rise of homegrown corporate venture arms.

One of those entities with a corporate venture arm, Naspers, announced a massive $100 million fund named Naspers Foundry to support South African tech startups. This is part of a $300 million (1.4 billion Rand) commitment by the South African media and investment company to support South Africa’s tech sector overall. Naspers Foundry will launch in 2019.

The initiatives lend more weight to Naspers’ venture activities in Africa as the company has received greater attention for investments off the continent (namely Europe, India and China), as covered in this TechCrunch story.

“Naspers Foundry will help talented and ambitious South African technology entrepreneurs to develop and grow their businesses,” said a company release.

“Technology innovation is transforming the world,” said Naspers chief executive Bob van Dijk. “The Naspers Foundry aims to both encourage and back South African entrepreneurs to create businesses which ensure South Africa benefits from this technology innovation.”

After the $100 million earmarked for the Foundry, Naspers will invest ≈ $200 million over the next three years to “the development of its existing technology businesses, including OLX,  Takealot, and Mr D Food…” according to a release.

In context, the scale of this announcement is fairly massive for Africa. According to recently summarized Crunchbase data, the $100 million Naspers Foundry commitment dwarfs any known African corporate venture activity by roughly 95x.

The $300 million commitment to South Africa’s tech ecosystem signals a strong commitment by Naspers to its home market. Naspers wasn’t ready to comment on if or when it could extend this commitment outside of South Africa (TechCrunch did inquire).

If Naspers does increase its startup and ecosystem funding to wider Africa— given its size compared to others—that would be a primo development for the continent’s tech sector.

If mobile money was the first phase in the development of digital finance in Africa, the next phase is non-payment financial apps in agtech, insurance, mobile-lending, and investech, according to a report by Village Capital covered here at TechCrunch.

In “Beyond Payments: The Next Generation of Fintech Startups in Sub-Saharan Africa,” the venture capital firm and their reporting partner, PayPal, identify 12 companies it determined were “building solutions in fintech subsectors outside of payments.”

Village Capital’s work gives a snapshot of these four sub-sectors — agricultural finance, insurtech, alternative credit scoring and savings and wealth — including players, opportunities and challenges, recent raises and early-stage startups to watch.

The report highlights recent raises by savings startup PiggybankNG and Nigerian agtech firm FarmCrowdy. Village Capital sees the biggest opportunities for insurtech startups in five countries: South Africa, Morocco, Egypt, Kenya and Nigeria.

In alternative credit scoring and lending it sees blockchain as a driver of innovation in reducing “both transaction costs and intermediation costs, helping entrepreneurs bypass expensive verification systems and third parties.”

The Founders Factory expanded its corporate-backed accelerator to Africa, opening an office in Johannesburg with the support of some global and local partners.

This is Founders Factory’s first international expansion and the goal is “to scale 100 startups across Sub-Saharan Africa in five years,” according the accelerator’s communications head, Amy Grimshaw.

Founders Fund co-founder Roo Rogers will lead the new Africa office. Standard Bank is the first backer, investing “several million funds over five years,” according to Grimshaw.

The Johannesburg accelerator will grow existing businesses through a bespoke six-month program, while an incubator will build completely new businesses focused on addressing key issues on the continent.

Founder Funds will hire over 40 full-time specialists locally, covering all aspects needed to scale its startups including product development, UX/UI, engineering, investment, business development and, growth marketing. This TechCrunch feature has more from Founders Fund management on the outlook for the new South Africa accelerator.

More Africa Related Stories @TechCrunch

How a Ugandan prince and a crypto startup are planning an African revolution

Marieme Diop and Shikoh Gitau to speak at Startup Battlefield Africa

Flutterwave and Ventures Platform CEOs will join us at Startup Battlefield Africa

African Tech Around the Net

A lot is happening at Flutterwave right now—[E departs] 

Amazon Web Services to open data centres in Cape Town in 2020

Vodacom Business expands its fixed connectivity network in Africa

SA’s Sun Exchange raises $500k from Alphabit

IBM, AfriLabs partner to expand digital skills across 123 hubs in 34 countries

Victor Asemota to lead VC firm Alta Global Ventures’s business in Africa

Bank, local hub launch $1-million fund for Somali startups

News Source = techcrunch.com

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