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THE INVESTOR
September 18, 2019
Big Reunion

Startups & Investors

SoCar receives W50b funding from VCs

  • PUBLISHED :January 15, 2019 - 13:01
  • UPDATED :January 16, 2019 - 13:45
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[THE INVESTOR] Mobility services platform operator SoCar said on Jan. 15 that it has received a new round of funding worth around 50 billion won (US$44 million) from four venture capital firms, including Silicon Valley-based Altos Ventures.

The new investment came after the Seoul-headquartered car-sharing company attracted 60 billion won from Korean private equity firm IMM Private Equity in April 2018.



The three other investors that participated in the latest funding round are KB Investment, Stonebridge Ventures, and SoftBank Ventures.

SoCar utilized part of the funds it received last year in acquiring VCNC, a couple messenger app startup, in July and launched van-sharing service Tada mainly targeting commuters during rush hours.

With the latest funds, the company said it would try to invest in research and development to offer better mobility services through its platform. For the past seven years, the number of vehicles fetched for the firm’s car sharing service across the nation reached 11,000 units and the number of subscribers has surpassed 4.5 million.

“SoCar and Tada are aimed at helping to increase convenience of users who don’t own cars,” said SoCar CEO Lee Jae-woong, vowing to improve its mobility platform by catering to the different needs of users.

SK Group, one of the nation’s largest conglomerate which has telecom firm SK Telecom and chipmaker SK hynix under its umbrella, holds a 28 percent stake in the car-sharing company.

By Kim Young-won (wone0102@heraldcorp.com)

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