South Korea-based mobility software provider 42dot closed a KRW104bn ($88.4m) series A round yesterday featuring Lotte Ventures, the corporate venturing subsidiary of car rental service Lotte Rental.
Financial services provider Shinhan Financial Group also participated in the round, along with Stic Ventures, Winvest Venture Capital, We Ventures and DA Value Investment. The company said its overall funding now stands at roughly $130m.
Founded in 2019 as Code42, 42dot has developed a transport-as-a-service infrastructure which connects users to different modes of transport in addition to personalised services focused on areas such as parking, insurance and payment.
The funding will support technology development and recruitment as well as potential strategic investments or acquisitions.
Automotive manufacturer Hyundai provided $1.8m in seed capital for the company in March 2019 and its Kia Motors subsidiary led a $24.9m pre-series A round seven months later that included conglomerates SK Group, LG and CJ Group.
