KUALA LUMPUR: Car-sharing app, SOCAR Mobility Malaysia has received US$18mil (RM75mil) 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 (pic), said the new partners would enhance mobility options for the public.
"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, ” said Foong.
Currently, SOCAR is available in the Klang Valley, Johor Baru, Penang and Ipoh and it plans to expand to other states. To date, SOCAR has a fleet of 2,000 cars in 27 different models in over 1,000 locations.
