SoftBank invests U$44M in South Korea’s car-sharing startup SoCar
Car-sharing startup based in South Korea, SoCar, manages to secure US$44 million (50 billion won) in a new round of funding from Altos Ventures, KB Investment, Stonebridge Ventures, and SoftBank Ventures.
SoCar plans to use the funding to invest in research and development to offer better mobility services through its platform, said a source. The funding is the latest one the company raised after it previously received an investment of US$57 million from local private equity firm IMM Private Equity in April 2018.
SoCar was funded in 2012 and it offers services via website and mobile app. Just in 2018, SoCar launched its services in Malaysia by establishing 120 zones with 240 cars in the country.