FDV agrees to third capital injection for Moteur.ma
08 Mar 2017
Moteur.ma, the leading used-auto vertical in Morocco, successfully concluded talks with Frontier Digital Ventures (FDV) regarding a third round of funding for the site.
The size of the FDV investment has not been made public yet.
FDV, an investment company of the Catcha Group, earlier acquired 49 percent of Moteur.ma with call-option funding, and vendor shares (we reported here). (We assume FDV will again get shares in exchange for its money – editor.)
The value of call-option funding was $250,000 U.S., while the vendor shares were worth $80,000 U.S..
Kuala Lumpur-based and ASX-listed FDV acquired its first 32 percent in Moteur.ma back in 2015.
The latest capital injection will, among others, be used to finance a guide that lists all the auto models available in Morocco and all technical forms for new-car brands available in Morocco’s dealerships.
The test-drive service, which will also be launched with the new funds, will enable users to make appointments for test driving new cars at Morocco’s dealerships. The money will also be used to update the used-car price evaluation page.