Philippine car-sharing platform DOON gets $1.5m

DOON, a peer-to-peer car-sharing platform in the Philippines, has raised US$1.5 million in pre-seed funding.

The financing includes a mix of debt and equity, with the venture studio AHG Lab mostly contributing to DOON’s initial funding. It will continue to assist in technology development and financial strategies.

The funding round includes a debt facility of up to US$1 million from Esquire Financing, which also invested in the equity component. The other US$500,000 in equity was from angel investors and family offices from the Philippines, Singapore, and Taiwan.

The funding will be allocated to developing DOON’s web marketplace and enhancing its mobile car-sharing platform.