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Aditya Hadi Pratama · · 1 min readMalaysian car-sharing app secures $55m funding at $213m valuation
Socar Malaysia, a joint venture between SK Inc and South Korean car-sharing startup Socar, raised US$55 million in its latest funding round.
More funding details
- Investor: South Korea-based EastBridge Partners and Malaysian conglomerate Sime Darby Berhad
- Stage: Series B
More company updates
- The deal is a covenant-based investment that’s structured into two tranches, with 60% of the amount given upfront. The rest will be disbursed based on agreed-upon conditions.
- The round pushes Socar Malaysia’s total amount raised from investors to US$73 million to date and gives it a US$213 million valuation.
- The company will use the fresh funds to improve its technology and continue its expansion in Southeast Asia.
- Socar Malaysia has over 2,200 cars in 36 different models on its platform. The vehicles are available in more than 1,000 locations in Selangor, Kuala Lumpur, Penang, Johor, Ipoh, and Melaka.
- In February 2020, the company launched Trevo, a peer-to-peer car-sharing marketplace in Malaysia and Indonesia. The platform has around 6,400 listings in major cities across both countries.
For more coverage of the company, head here. You can also click on the link below to view key details about the company as well as its funding history.
Editing by Miguel Cordon and Eileen C. Ang
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