SiamCarDeal raises US$ 300,000 in seed funding from 500 TukTuks

Event Calendar Press Releases Thursday July 4, 2019 10:45
Bangkok--4 Jul--SiamCarDeal

SiamCarDeal, Thailand-based leading automotive digital services provider recently received US$ 300,000 in seed funding from 500 TukTuks, the local operating unit of US venture capital fund 500 Startups, and Angel Investors.

SiamCarDeal is a platform which helps reducing the pain points of consumers who are looking for a new car with the best offer available, providing potential buyers a fast, easy, and intuitive selection and buying process. In 2018, SiamCarDeal supported its nationwide partners to sell over 3,000 cars, representing a value of US$75 Million.

Damien Kerneis, co-founder of SiamCarDeal said, "When launching in 2016, we aimed to be a platform for those who wanted to buy a new car and search for the best deals. We received a lot of positive feedback from both consumers and dealers :consumers got their new car at a great price while dealers increased their sales with this new channel. As we went along, we saw opportunities to go deeper in the value chain and developed more products and services to support car dealers."

"We currently partner with over 100 car dealers across the country and provide more than 1,500 offers for consumers. When a potential buyer shows interest in the deal on our website, we will qualify the inquiry and send it in real-time to the showroom with our in-house developed software called LMS (Lead Management System). With this system, our partner showrooms can conveniently manage their database of prospects, and their salespeople can follow up more efficiently, resulting in an increased sales closing ratio. Now our LMS system is extensively used by our customers in Thailand and across CLMV" added Damien.

"SiamCarDeal is a unique platform in the Thai automotive market which is highly competitive as car manufacturers will compete for a market share, offering various promotions for different types of buyers to boost sales. SiamCarDeal seamlessly helps to allocate sales opportunities to dealers with its real time LMS technology. We can see that SiamCarDeal has the potential to grow in a very good direction", commented Natavudh Pungcharoenpong, Venture Partner (Thailand) of 500 TukTuks.

Krating Poonpol, Venture Partner (Thailand) of 500 TukTuks said, "We believe that SiamCarDeal's LMS software offers a forward-looking perspective for the industry since it can be used by all automotive businesses. With this end-to-end solution SiamCarDeal has developed, we see big market opportunities for them domestically and abroad where SiamcarDeal can further expand to the regional level."

"In 2019, SiamcarDeal will embark on the journey of digital transformation for automotive businesses by expanding more services which will help the showrooms to improve their overall efficiency and increase their sales volume. In addition, we also have plans to bring technology to help support the used car market" revealed Damien.

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