Socar gets US$18m funds from two South Korean investors


  • Corporate News
  • Thursday, 20 Feb 2020

Car-sharing app, SOCAR Mobility Malaysia (SMM) has received US$18mil in fresh funds from two South Korean investors – Eugene Private Equity Co. Ltd. and KH Energy Co. Ltd.

KUALA LUMPUR: Car-sharing app, SOCAR Mobility Malaysia (SMM) has received US$18mil in fresh funds from two South Korean investors – Eugene Private Equity Co. Ltd. and KH Energy Co. Ltd.

The funds were raised under the company's series A funding exercise, it said in a statement on Thursday.

“The US$18mil new capital will be channelled towards technological enhancements and strengthening the growth and foothold of SOCAR in Malaysia and expansion into new countries by 4Q of 2020, ” it said.

This capital injection brings SOCAR’s financing tally to-date to US$40mil and would enable it to expand in Southeast Asia.

The CEO of SOCAR Mobility Malaysia, Leon Foong said the new partners would bring multiflex mobility to the people of Southeast Asia.

He added their investment reflected their confidence in SOCAR's current model of car-sharing, the people running this business and its future expansion into other countries.

“With our additional funds, we aim to improve on our technology platform and bring our services to other parts of Southeast Asia, ” said Foong.

“With this extra capital, SOCAR users can look forward to new improvements in the future - including a more seamless user experience on the app, new modes of car sharing, additional payment options and faster onboarding and processing of licence approvals for new users.

“Our ultimate aim is to be more than just a car to our multiflexers by offering them new modes of car sharing such as our one-way and SOCAR2U services, ” Leon added.

Currently, SOCAR is available in the Klang Valley, Johor Bahru, Penang and Ipoh and hopes to expand to other states. To date, SOCAR has a fleet of 2,000 cars in 27 different models in over 1,000 locations.

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