WYZauto, a Thailand-based a online tyre marketplace for vehicle maintenance businesses, has secured $2.25 million in funding led by Vynn Capital, a Malaysia-based venture capital firm specialising in mobility and supply chain sectors.

WYZauto said in a statement on Friday that this marks the first investment from Vynn Capital’s new Mobility and Supply Chain fund, backed by Malaysian pension fund KWAP, Sime Darby Berhad, Malaysia Venture Capital Management Bhd. (MAVCAP), AEI Capital, and other regional limited partners.

The funding round welcomes new investors including Vincent Lee, an early investor into Malaysia’s first unicorn, Carsome as well as other regional investors.

The round is also participated by existing shareholders including Philippines-based Kaya Founders.

It is noted that WYZauto expanded into Malaysia last year, a market strategically positioned as a key hub for the mobility and automotive sectors.

As part of this new partnership, Vynn Capital, with its deep understanding of the Malaysian market and leadership in mobility investments, will actively support WYZAuto’s expansion there.

Understanding the need for more than just capital, Vynn Capital’s approach includes being an active strategic partner to portfolio companies.

Their approach revolves around creating value through synergy within the entire investment network.

In WYZauto’s case, Vynn Capital’s aim is to facilitate mutually beneficial partnerships that accelerate WYZauto’s growth within the Malaysian market by leveraging their existing connections, particularly in the mobility and supply chain sector.

“We are very pleased to have Vynn Capital onboard. I realized in our early discussions that they were able to connect us with potential strategic players. Since the start, it is more than just funding,

“Their mobility synergy approach is very relevant for us who aim at optimizing the automotive maintenance industry,” said Founder of WYZauto Louis Giraud.

WYZauto is a Thailand-headquartered tyre marketplace connecting two-wheeler or four-wheeler vehicle maintenance businesses with a vast selection of top tyre brands.

The platform offers car maintenance businesses access to the country’s largest tyre stock and will soon be expanding its coverage to include other vehicle parts, aiming to streamline the entire vehicle maintenance supply chain.

The company works with numerous wholesalers and brands, helping them increase their e-commerce presence and reach new customers through the WYZauto platform.

Launched in April 2021 in Thailand and May 2023 in Malaysia, close to 3,000 vehicle service centers have downloaded the platform which is generating more than $1.6 million of gross merchandise value (GMV)/month.

“The vehicle maintenance sector in Southeast Asia has room for significant growth. 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,” said Victor Chua, Founding & Managing Partner of Vynn Capital.

In addition to supporting WYZauto’s growth, Vynn Capital is actively looking into other opportunities as well as startups from key markets like Singapore, Thailand, and Indonesia.

The venture fund believes in the long-term potential of Southeast Asia’s mobility market, with the region’s automotive products market alone expected to reach $79 billion in 2028, significantly exceeding 2023’s $61 billion.

The firm sees this as an opportunity to support mobility solutions that can address the region’s evolving and unique mobility needs.

Thailand’s HD secures $5.6M in Series A funding led by SBI Ven Capital