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SOCAR Raises US$18 million Aiming for Expansion

South Korean car-sharing SOCOR announced a raise in funds amounting to US$18 million led by two Korean investors, Eugene Private Equity and KH Energy

SOCAR is a Korean-friendly car sharing community that allows travelers to share with others who are traveling the same route. Founded in March of 2012, SOCAR has raised a US$18 million round of funding in 2015 led by the US investor Bain Capital, which was one of the highest funding deals for a South Korean startup to date.

SOCAR then again reported a raise of funds amounting to US$18 million in its Series A funding round, now from Eugene Private Equity and KH Energy.

SOCAR currently operates in Malaysia, claiming that over 1,700,000 users was registered and 50,000 uses the service every month. The new capital will be used mainly in expanding its operations.

SOCAR car featured image
SOCAR car-sharing (motiondigest.com)

“Our conviction in shared mobility remains as strong as ever and we are very grateful to Malaysia and the government for supporting the multiflex movement. With our additional funds, we aim to improve on our technology platform and bring our services to other parts of Southeast Asia,” said Leon Foong, CEO of SOCAR Malaysia.

“The extra capital will also be used to improved its app’s user experience, add new modes of car sharing, support more payment options, and expedite the onboarding and processing of license approvals for new users,” added Foong.

SOCAR also said that it has over 2,000 cars of 27 different models in more than 1,000 locations. “Our ultimate aim is more than just a car to our multiflexers by offering then new models of car sharing such as our one-way and SOCAR2U services,” Foong stated.

Though headquartered in South Korea, SOCOR primarily operates in Malaysia, which was SOCOR’s first overseas market. “After launching in Malaysia, we aspire to be more than just a product that Malaysian love but, more importantly, a company with values that represent innovation, empowerment, and progress,” SOCAR stated on its website.

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