Car-sharing startup Socar Mobility Malaysia has raised USD 18 million in a Series A funding round from new investors Eugene Private Equity and KH Energy.
The new capital pushes Socar’s total funding to USD 40 million at a valuation of USD 118 million, according to a statement.
Socar Malaysia, launched in 2018 by South Korea’s Socar in its first expansion overseas, allows its users to book cars on its platform with just a few taps. Its door-to-door car delivery service, Socar2U, enables users to reserve their preferred car and have it delivered to their desired pickup point. The car will then be retrieved from the selected return location.
Socar plans to use the new funds to enhance its technology, bolster its growth in Malaysia, and expand into new countries by Q4 2020. A spokesperson for Socar told Tech in Asia that the company is currently eyeing the Indonesian market.
The startup also looks to use the extra capital to improve its app’s user experience, add new modes of car sharing, support more payment options, and expedite the onboarding and processing of license approvals for new users, Socar Malaysia CEO Leon Foong said.
“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,” Foong added.
Currently, the company claims to have over 2,000 cars in 27 different models in over 1,000 locations in the Klang Valley, Johor Bahru, Penang, and most recently, Ipoh.
This article first appeared in Tech in Asia.