SoftBank backs $44m funding in South Korean car-sharing startup SoCar

Seoul, South Korea. Photo by Jana Sabeth Schultz on Unsplash

SoCar, a South Korean car-sharing company, has raised $44 million (about 50 billion won) in a new round of funding from Altos Ventures, KB Investment, Stonebridge Ventures, and SoftBank Ventures, The Investor reported.

SoCar will use the fresh funding to invest in research and development to offer better mobility services through its platform, the report added.

The development comes less than a year after SoCar received an investment of $57 million from local private equity firm IMM Private Equity in April 2018. The funds raised then were used for, among other things, acquiring messenger app startup VCNC and launching van-sharing service Tada.

The startup’s last publicly known funding was in 2015 when it raised an $18-million round of financing led by Bain Capital. It later raised another $56 million in November 2015.

The latest funding brings the startup’s total funding to $174.1 million across four rounds till date, according to CrunchBase data.

Founded in 2012, SoCar offers its services via a website and mobile app. It is the largest car-sharing company in South Korea, boasting approximately 3,200 car rental zones, 8,500 vehicles and 3.6 million registered users. Its closest competitor, Greencar, has around 2,800 rental locations, 6,000 vehicles and 2.5 million registered users.

In 2018, SoCar launched its services in Malaysia by establishing 120 zones with 240 cars in the country.

Also Read:

Korean car-sharing startup SoCar secures $57m from IMM Private Equity

South Korean ride-sharing startup SoCar to launch services in Malaysia

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.