JAKARTA. Broom, a digital automotive startup, announces the conclusion of Series A+ funding round worth USD 25 million led by Openspace and followed by several renowned investors, such as AC Ventures and MUFG Innovation Partners.

Ayu Tanoesoedibjo, Executive Director of Openspace for Indonesia, said that this funding is meant for Broom to digitalise automotive sector, which is deemed quite traditional, through providing financing solution for dealers.

“We believe that Broom team has proven their capability to actualise this transformation,” said Tanoesoedibjo in the official statement.

In the future, Broom will expedite the market expansion after securing this funding. In addition, Broom will continue to form strategic partnership and build a solid team to ensure sustainable growth.

“By providing a comprehensive solution, including a more innovative and inclusive financing for dealers across Indonesia, we aim to transform the industry and promote sustainable growth,” added Pandu Adi Laras, CEO of Broom.

Furthermore, the CEO said that Broom’s business growth has been noticeable since the first half of this year. This growth could be detected through fund allocation from Buyback—a product designed for automotive dealers to temporarily sell its stocks and raise working capital, which skyrocketed 144.9% to IDR 1.1 trillion.

Then, Pandu Adi Laras also revealed that Broom Leasing Channel (BLC), just launched last year, has already recorded 2,300 transactions and total revenue of over USD 17 million. “We believe that this achievement will become a solid foundation for our long-term success,” he said.

It is worth mentioning that Broom has been operating since June 2021 under PT Teknologi Usaha Nusantara. Broom offers funding access to automotive dealers in order for them to secure short-term fundings through submitting their vehicle stocks as collaterals. (KR/ZH)