Malaysian startup Bateriku, a provider of roadside assistance services such as car repair and battery replacement, raised US$7.4 million in a funding round that drew investors including civil service pension fund Kumpulan Wang Persaraan (KWAP).
Other investors in the funding round include local venture capital firms Gobi Partners and VentureTECH SBI Capital, Bateriku says in a statement on September 4.
The firm plans to use the funds raised to bolster its roadside assistance services over the next 18 months. Bateriku also operates workshops and a market place that sells vehicle parts and batteries.
According to Azarol Faizi, founder and chief executive officer of Bateriku, the fundraising reflects “unwavering trust our investors place in our vision”.
“This investment will fuel our mission to transform roadside assistance and reshape the automotive ecosystem,” he says.
KWAP, which manages almost 170 billion ringgit ($41.22 billion) of assets, is investing in Bateriku through its Dana Perintis or Pioneer Fund, which was launched a year ago for such investments.
The pension fund said at the time that it aimed to invest up to 500 million ringgit through the fund into Malaysia’s venture and startup ecosystem by the end of 2025, split equally between venture capital funds and direct investments in local startups.