From Malaysia To Morocco: Classified Car Ads Startup Moteur.ma Raises Fresh Funds
The startup will use the funds to move into new car ads, and to expand in the used car classifieds space where it is already present.
Casablanca-based classified car ads startup Moteur.ma has raised an undisclosed amount in funding from Malaysian investment firm Frontier Digital Ventures (FDV).
The startup will use the funds to move into new car ads, in addition to expand in the used car classifieds space where it is already present.
Moteur.ma is also planning to launch a new website covering three services.
The first is a purchase guide presenting the technical specs of new car brands, details for car dealers in Morocco, and the available cars and prices.
The second is a similar price tool kit which can compare different brands, and the third is Test Drive, a feature to enable users to make appointments to test drive new cars.
Moteur.ma also plans to enter the second-hand vehicle pricing sector in Morocco by offering an advanced version of its La Cote service dedicated to the fair valuation of second-hand cars.
The startup ecosystem in Morocco has been gaining momentum of late.
In July last year, Maroc Numeric Fund (MNF) partnered with the OCP Entrepreneurship Network to launch MNF Angels, a 100 million Moroccan dirhams ($10 million) fund.
MNF Angels are aiming to make investments from 1 to 8 million dirhams ($100,000 to $800,000) in Moroccan startups.
The fund includes around ten investors and startups from the ICT, green tech or biotech sectors, will be selected each month to pitch for investment.
The fund will bring technical assistance to angels, mostly on finance, strategy, and legal aspects.
MNF, a public/private initiative, was created in 2010
Also, a group of Moroccan entrepreneurs recently unveiled Outlierz, a seed investment firm that aims provide capital to African startups. The initiative is backed by US and African serial entrepreneurs and angel investors. The firm aims to invest at pre-seed and seed stage, with the ticket size ranging between $50,000 and $200,000.
Outlierz will invest in pre-seed stage startups with a minimum viable product (MVP).
Besides money, Outlierz will also provide mentorship to entrepreneurs through its network.