Malaysia’s first peer-to-peer (P2P) car-sharing platform Moovby announced that it has secured $500,000 from angel investors and strategic partners. In a separate development, Singapore Space and Technology Limited (SSTL) has officially been launched to develop the country’s space and related high technology industries.
Malaysia’s P2P car-sharing platform Moovby raises $500k
Malaysia’s first peer-to-peer (P2P) car-sharing platform Moovby announced that it has secured $500,000 from angel investors and strategic partners.
This funding will be used by Moovby to expand its operations in the domestic market while expanding to new countries such as Thailand and Singapore this year, the company said in a statement.
Established in 2017, Moovby connects vehicle owners with travelers, enabling them too rent any car they want, whenever they want, from Moovby’s community of local car owners.
The company claims to have over 3,000 vehicles across Indonesia including Jakarta, Bandung, Bali as well as all the major cities in Malaysia.
“We are excited to continue driving growth in existing markets, while also bringing Moovby to more communities across Malaysia, Indonesia and soon in other countries in Southeast Asia,” said Nik Muhammad Amin.
“This capital accelerates our ability to build upon partnerships and increase marketing efforts, further strengthening our ability to enable as many people as possible to share their cars.”
To date, Moovby has raised a total funding of $650,000.
Singapore Space and Technology Limited launches
Singapore Space and Technology Limited (SSTL) has officially been launched to develop the country’s space and related high technology industries, according to an announcement.
As a neutral platform, SSTL aims to provide information and communication for industry, government and academia.
“As the Singapore space ecosystem grows, Singapore Space and Technology Association Limited has been established,” said Lynette Tan, CEO of SSTL.
“Corporatisation will strengthen our position as a premier space hub by enabling us to be nimbler in today’s rapidly changing space landscape. We also want to give SSTL greater flexibility to attract top organisations to complement our local and international space players,” he added.
This year, SSTL will be launching Project Cyclotron, in collaboration with Cap Vista, the strategic investment arm of Defence Science and Technology Agency (DSTA).
Project Cyclotron, a programme tailored to propel the SpaceTech ecosystem in Singapore and the region, will focus on accelerating regional space and deep tech startups, by providing them with the insights, skillsets and resources to become commercially viable.
Other than just SpaceTech companies, Project Cyclotron will also house an Investment Advisory Committee comprising potential investors with an interest and stake in the regional SpaceTech development.
The programme will only take in 10 companies and applications open from 6 February 2020.