Indonesian auto financing startup Broom has raised a pre-Series A round led by Openspace while Gebr. Heinemann’s ‘vision hub’ GHARAGE is launching a Singapore office.
Broom raises $10m in Openspace-led round
Indonesian auto financing startup Broom has raised $10 million in a pre-Series A round led by Openspace, according to a company release. MUFG Innovation Partners, BRI Ventures, as well as existing investors AC Ventures and Quona Capital, joined the round.
As reported by DealStreetAsia’s DATA VANTAGE last week, Broom issued shares worth $13.3 million to a group of investors. The transaction comprises the allotment of Series A shares worth $8 million to Openspace Ventures and other investors, and seed shares to SAFE holders that backed its pre-seed round, according to regulatory filings accessed by DealStreetAsia.
With the fresh funding, Broom plans to diversify product offerings and accelerate inventory turnover for both the startup and its dealers. It also aims to double its credit facility from external lenders, building on the $12 million in debt facilities from DBS Indonesia and BRI in 2022.
Broom’s flagship service, Buyback, provides dealers with short-term working capital through a temporary car sale service with a repurchasing option. The company said it has transacted over $300 million worth of inventory through its Buyback scheme and has onboarded over 5,000 used car dealers.
“By leveraging technology and data analytics, they are unlocking financing to a segment of Indonesian small businesses that were previously overlooked,” said Ian Sikora, executive director at Openspace in a statement.
Gebr. Heinemann’s GHARAGE expands to Singapore
Gebr. Heinemann’s ‘vision hub’ GHARAGE is launching a Singapore office to invest in startups within the travel and retail spaces. As part of the launch, GHARAGE also appointed Darren Soh as head of GHARAGE APAC.
“We have witnessed founders in Asia build some of the fastest-growing and innovative companies in the travel and retail ecosystem. Our launch seeks to unlock opportunities for founders to tap into the travel and retail ecosystem that Gebr. Heinemann has built globally, and to bring Asia’s innovations to global travelers,” GHARAGE managing director Lennard Niemann said in a statement.
GHARAGE is headquartered in Hamburg, Germany. Gebr. Heinemann operates over 500 duty-free and travel retail shops, brand boutiques, and concept stores at international airports, border crossings, and cruise ships, including airports in Sydney and Kuala Lumpur.
GHARAGE’s existing portfolio includes an on-demand airport delivery platform, a web3 community for whisky collectibles, and a new luxury retail experience for airports.