South Korea-headquartered car sharing service SoCar’s Malaysian offshoot has received $18m in series A funding from oil and gas provider KH Energy and Eugene Private Equity, a subsidiary of conglomerate Eugene, e27 reported yesterday.
SoCar Malaysia’s car sharing platform that covers 1,000 locations in three cities. The capital will go to strengthening the platform and expanding Socar’s service further into Malaysia as well as neighbouring countries.
The round valued the company at $118m according to a statement cited by DealStreetAsia that said it has now raised $40m altogether. Its parent company had disclosed $160m in funding from investors including internet and telecommunications group SoftBank as of January 2019.
Leon Foong, chief executive of SoCar Malaysia, said: “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.”
