Malaysia-based car-sharing platform SOCAR today announced that it has raised up to US$55 million Series B funding round from South-Korea-based EastBridge Partners as well as Malaysian multinational Sime Darby Berhad.
Putting the company’s valuation at US$213 million, this is the first investment that EastBridge Partners and Sime Darby has ever made in SOCAR.
This funding round also takes SOCAR’s financial tally to US$73 million.
According to a press statement, the investment will be structured into two tranches, with 60 per cent upfront and the additional 40 per cent disbursed based on agreed conditions.
SOCAR plans to use the funding to support continuous tech enhancements, the introduction of clean mobility initiatives, and further development of its P2P car-sharing marketplace TREVO.
“We will utilise these funds to supercharge our vision of multiflex mobility and bring the convenience of car-sharing to more people across Southeast Asia. As countries move into new phases of post-COVID-19 recovery, we are committed to using our TREVO platform to create more economic opportunities for car owners while leveraging the supply of vehicles on our platform to remind consumers what it’s like to be free to travel again in the comfort of their own private space, in a vehicle of their choice,” said SOCAR CEO Leon Foong.
Launched in Malaysia in January 2018 as a joint venture between SK Inc and Socar Inc, the company is behind the car-sharing app SOCAR and P2P car-sharing marketplace TREVO.
It closed a US$18 million Series A funding round in February 2020. The investors involved in this funding round are Eugene Private Equity Co. Ltd. and KH Energy Co. Ltd.
The company said that it has 2,200 cars onboard its SOCAR platform in 36 different models in over 1,000 locations in Selangor, Kuala Lumpur, Penang, Johor, Ipoh and Melaka. It currently has close to 6,400 car listings in major cities in Malaysia and Indonesia onboard its TREVO platform.
Prior to this funding round, SOCAR has teamed up with Sime Darby Auto Selection (SDAS), a multi-brand used car dealer under Sime Darby Motors, for the ‘Fund Your Drive’ programme.
Image Credit: SOCAR
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