Broom secures $10 million Pre-Series A funding to expand its digital platform for used car ecosystem

Broom, a startup that develops a digital platform for the used car ecosystem, has announced that it has raised $10 million in Pre-Series A funding (equivalent to Rp155 billion).

The funding was led by Openspace, with participation from MUFG Innovation Partners and BRI Ventures, along with previous round investors AC Ventures and Quona Capital.

With this new funding, Broom will continue to diversify its services and further develop its technology to better serve more showrooms.

Broom also aims to increase the capacity of its Buyback capital to handle higher transaction volumes.

Previously, Broom had received a $12 million credit facility (equivalent to Rp186 billion) from DBS Indonesia and BRI.

"We appreciate the support of our investors, lenders, and partners who have driven our growth so far. We believe Broom has found the right formula to grow, and we are excited to continue this journey and empower Broom's showroom friends even more," said CEO & Co-Founder of Broom, Pandu Adi Laras.

Meanwhile, Ian Sikora, Executive Director of Openspace, said "We are thrilled to partner with Broom in their mission to change the way dealer financing works in Indonesia. By leveraging technology and data, Broom opens up new sources of financing for a segment that was previously relatively neglected. We see a bright future for this company and are proud to be a part of their journey."

Read more here: https://techcrunch.com/2023/03/13/indonesian-used-auto-finance-platform-broom-raises-10m-to-build-out-automated-asset-backed-lending/