Thailand-based online tyre marketplace WYZauto has announced the completion of a $2.25-million pre-Series A round, which was led by Malaysia-based Vynn Capital, a venture capital firm specialising in mobility and supply-chain sectors.
In a joint statement on Friday, the companies said that the funding round was joined by new investors including Vincent Lee, an early investor in Malaysia’s used car marketplace Carsome, as well as other regional investors. The round also saw participation by existing shareholders the Philippines-based Kaya Founders, among others.
This marks the first investment from Vynn Capital’s latest mobility and supply-chain fund, which it started raising last year. The fund is backed by Malaysian pension fund Kumpulan Wang Persaraan (KWAP), government-backed agency Malaysia Venture Capital Management Berhad (MAVCAP), conglomerate Sime Darby, as well as other regional limited partners, including investment firm AEI Capital.
WYZauto connects vehicle maintenance businesses with a vast selection of tyre brands and plans to expand its coverage to include other vehicle parts to eventually serve the entire vehicle maintenance supply chain.
It launched in April 2021 in Thailand and in May 2023 in Malaysia and said that it has close to 3,000 vehicle service centres that have downloaded the platform, generating more than $1.6 million of gross merchandise value per month.
As part of this new partnership, Vynn Capital aims to facilitate mutually beneficial partnerships that accelerate WYZauto’s growth within the Malaysian market by leveraging its existing connections, particularly in the mobility and supply-chain sector.
“The vehicle maintenance sector in Southeast Asia has room for significant growth. WYZauto is positioned exactly where the market needs it: their streamlining of the tyre supply chain creates a win-win situation for both repair shops, maintenance networks, wholesalers as well as brand manufacturers, driving efficiency and cost savings,” said Victor Chua, founding and managing partner of Vynn Capital.
“We have an optimistic outlook for the company’s growth trajectory and look forward to supporting WYZauto’s continued expansion across countries like Malaysia, the Philippines, Indonesia and Thailand,” he added.
He added that Vynn Capital believes in the long-term potential of Southeast Asia’s mobility market, with the region’s automotive products market alone expected to reach $79 billion in 2028, significantly exceeding 2023’s $61 billion, and is looking into other opportunities from key markets such as Singapore, Thailand, and Indonesia
WYZauto founder Louis Giraud said that it valued Vynn Capital’s ability to go beyond funding and connect the company with potential strategic players.
“Their mobility synergy approach is very relevant for us who aim at optimising the automotive maintenance industry,” he said.
Vynn Capital’s mobility and supply chain fund is its second, following its maiden fund that was launched in 2019, which was also backed by MAVCAP. Its portfolio companies include names such as Carsome, Borong, and Travelio, among others.