KUALA LUMPUR: WYZauto, Thailand's leading online tyre marketplace, has secured US$2.25mil in funding and a partnership with Southeast Asian venture capital firm Vynn Capital.
In a joint statement, the parties said this marks the first investment from Vynn Capital's new Mobility and Supply Chain fund, backed by Malaysian pension fund KWAP, Sime Darby Bhd
, MAVCAP, AEI Capital, and other regional limited partners.
The funding round, led by Vynn Capital, welcomes new investors including Tan Sri Vincent Lee, an early investor into Malaysia’s first unicorn Carsome, as well as other regional investors such as Oak Drive Ventures.
The round is also participated by existing shareholders including Philippines-based Kaya Founders.
“We are very pleased to have Vynn Capital onboard. I realised in our early discussions that they were able to connect us with potential strategic players.
"Since the start, it has been more than just funding. Their mobility synergy approach is very relevant for us who aim at optimising the automotive maintenance industry,” said WYZauto founder Louis Giraud.
Victor Chua, founding and managing Partner of Vynn Capital, said 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.
"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 said.
