SoCar, a ride-hailing company out of South Korea touting their environmentally friendly service, is expected to be refining their platform after they raised $44 million from four venture capital firms. This will bring their overall funding to $174.1 million after four rounds of fund raising.
The Series D funding round was backed by Silicon Valley-based Altos Ventures, SoftBank Ventures Korea, KB Investment, and Stonebridge Ventures and followed a $57-million investment from local private equity firm IMM Private Equity in April of last year, based on Crunchbase data.
The company said it will utilize the fresh funds to invest in research and development to improve mobility services through its platform. Last year, the company used its Series C funds in acquiring messenger app startup VCNC and launching van-sharing service Tada.
SoCar, which offers its services via a website and mobile app, is the largest car-sharing company in South Korea, boasting approximately 3,200 car rental zones, 11,000 vehicles, and 4.5 million registered users. It first raised US$18 million in its Series A funding round in 2014, followed by another US$56 million in November 2015.
Early in 2018, SoCar launched its services in Malaysia by establishing 120 zones with 240 cars in the country, according to South Korean news agency Yonhap.
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