Cambodia’s Iron Capital secures funding to develop digital automotive ecosystem

From left: Iron Capital co-founders Tommy Sim, Alice Sok, and Richard Seang.

Cambodia-based investment holding company Iron Capital Plc has secured a $5.7-million Series A funding round to create the country’s first digitalised automotive ecosystem. 

The transaction drew investment from an undisclosed strategic investor. 

Iron Capital, which has investments in a digital media company and a garage franchise, intends to develop its own custom garage tech system and mobile app to provide its customers with easy access to its products and services. 

Proceeds from the fund will be used to accelerate the development of the mobile app and its garage tech system, Iron Capital said in a statement. Version 1.0 of the mobile app is targeted to be released in the third quarter of the year. 

Iron Capital co-founder Richard Seang said the Cambodian automotive market is currently dominated by small and inefficient independent mom-and-pop stores. Large car dealerships, on the other hand, are inaccessible to the average Cambodian consumer.  

“Automotive consumers in Cambodia have long had to contend with low-quality spare parts and fraudulent repair services provided by irresponsible market players,” said Iron Capital CEO Lee Wei Ken. “Our goal is to level the playing field for consumers and create a new ecosystem through our ISO-certified car service centres, spare part supply chain, financial services and tie it all together via technology.” 

He said Iron Capital aims to deliver 15% to 20% cost savings compared to dealerships for its customers through its ecosystem.

Iron Capital was founded in 2019 by automotive veterans Seang and Alice Sok, together with serial entrepreneur Tommy Sim, who co-founded venture capital firm Sim Brothers. 

Iron Capital’s portfolio includes A Klasse Auto Co, Cambodia’s first dual-ISO certified private garage franchise and Advanced Auto Digital Media, which produces automotive content. 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.