DOON, the first fully insured peer-to-peer car-sharing platform in the Philippines, has secured investments totaling US$1.5 million to complete its pre-seed funding round.
The total raise has been structured with both debt and equity instruments. The US$500,000 raised in equity drew funding from a syndicate of angels and a number of domestic and foreign family offices of former tech founders who have exited hailing from the Philippines, Singapore, and Taiwan.
The equity portion of the raise allows DOON to further develop its web marketplace and enhance its current mobile online car-sharing platform while strengthening its team with key hires in finance, operations, and technology to prepare for and bolster the company’s rapid traction ramp-up.
“We’re grateful for the strong signal of support and belief from our new investors in our business model and ability to execute,” shares DOON CEO and Co-Founder Enrique Hormillo. “With the funding, we will be able to focus on creating the best user experience for our customers by deeply enhancing our digital platforms, strengthening our brand presence, doubling-down our operations in prominent city and tourist destinations, and expanding our product offering.”
A pioneer in the peer-to-peer car-sharing space in the country, DOON is partnered with Pioneer Insurance to provide comprehensive coverage for every car booking, protecting users who list their cards on the platform.
COO and Co-Founder Miguel Locsin shares that the team is trying to change car-owners’ attitudes towards their cars.
“They can be assets that generate income,” said Mr. Locsin, “and we are providing Hosts a way to do this that manages their risk while giving the Guests a convenient way of getting around, not just in major cities, but in the provinces too.”
As a portfolio company of AHG Lab, an independent venture studio in the Philippines, DOON received its first funding from the studio and support on its technology development, back-office admin and accounting, marketing, and long-term financial strategies.
“We’re quite excited for the team of Mr. Hormillo, with his decade-long experience in the automotive industry, and Mr. Locsin with his seasoned tech platform operator experience, as they have now built up significant capital to execute DOON’s exciting growth plans,” shares AHG Lab CEO and Co-Founder Rene Cuartero. “Their background and experience as the right team to bring this solution forward truly shine through as they also receive government support through the Philippine government’s DoST-TECHNiCOM grant.”
An additional debt facility of up to US$1 million that completed the round was signed by Esquire Financing, a subsidiary of Fuel Dreams Holding which also took a stake in the equity portion of the raise.
