Car-sharing startup SOCAR raises $18m from Eugene PE, KH Energy

SOCAR Malaysia CEO Leon Foong

Car-sharing platform SOCAR announced that it has raised $18 million in a Series A funding round from South Korean investors Eugene Private Equity and KH Energy, according to a report by e27.

SOCAR is headquartered in South Korea, but currently operates primarily in Malaysia.

The company is expected to use the fresh funding to expand its operation in other countries by the end of this year.

This fresh capital brings SOCAR’s total funding to $40 million at a valuation of $118 million to date, according to the company’s statement.

Founded in 2012 in South Korea’s Jeju Island, the startup chose Malaysia as its first overseas market for expansion in January 2018 and had appointed former general manager of Uber Malaysia to lead its Malaysian operations.

The company claims that it has over 2,000 cars in 27 different models in over 1,000 locations in three major cities in Peninsular Malaysia – Klang Valley, Johor and Penang.

“The extra capital will also be used to improve 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,” Socar Malaysia CEO Leon Foong was quoted as saying.

SOCAR raised around $44 million in a SoftBank Ventures-backed round in January last year. The South Korean car-sharing platform had earlier told us that it was planning to expand in the East Malaysian state of Sabah.

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.