Drive.SG, Singaporean car rental portal, has raised a SGD $1 million (or about USD $790,000) Series A from Insas Berhad, a Malaysian investment holding company. The startup will use the capital to expand its services to the rest of Asia.
Founded in 2011, Drive.SG currently serves about 15,000 customers who can pick vehicles for short- or long-term leases from about 50 car rental companies in Singapore. Rental cars are especially in-demand in Singapore because obtaining a Certificate of Entitlement, or a license to own a vehicle, is expensive and the government has also placed financing restrictions on car purchases. As a result, leasing a car is often preferable to buying one. Drive.SG was part of NUS Enterprise’ startup incubation program.
Drive.SG will expand into Malaysia and the Philippines by the middle of this year and offer mini-coaches and limousine services in addition to car rentals.
In a statement, Drive.SG co-founder Paul Tan said “We aim to bring this same convenience to local residents and travelers in other countries in Asia, while overcoming issues such as language barriers, over-charging or lack of transparency.”