SOCAR raises US$18 million to expand car-sharing platform
SOCAR, the platform which provides car-sharing services in Malaysia, has raised US$18 million in a Series A funding round from Eugene Private Equity and KH Energy.
Based in South Korea, the startup aims to use the fresh funds to enhance its platform, grow within Malaysia, and expand into new countries by Q4 2020.
“The extra capital will also be used 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,” said Socar Malaysia CEO Leon Foong.
The company is currently operating its 27 different models in over 1,000 locations in the Klang Valley, Johor Bahru, Penang, and most recently, Ipoh.