Socar Malaysia gets USD 18mil funds, to enter new SEA markets by Q4 2020

SoCar Mobility Malaysia has raised USD 18 million (around RM75 mil) in fresh funds based on a valuation of USD 118 million from Eugene Private Equity Co. Ltd and KH Energy Co. Ltd. The new capital injection via the company’s Series A funding exercise brings SoCar’s total financing tally to USD 40 million and it will facilitate the car-sharing platform’s expansion into other markets in Southeast Asia.

According to SoCar, the investment by Eugene Private Equity and KH Energy, both from South Korea, is an indication of their confidence in its current model of car-sharing, its team as well as its future expansion into other countries. SoCar Mobility Malaysia CEO Leon Foong said, “Our conviction in shared mobility remains as strong as ever and we are very grateful to Malaysia and the government for supporting the multiflex movement”.

The new investment will be utilised for technological enhancements and to strengthen its growth and foothold of SoCar in Malaysia as well as to expand into new countries by Q4 2020. Leon also shared that SoCar users can look forward to new improvements including a more seamless app experience, new modes of car sharing, additional payment options and faster onboarding and processing of licence approvals for new members. SoCar also aims to differentiate themselves by offering new ways of car sharing with one-way booking and SOCAR2U services.

At the moment SoCar is available in the Klang Valley, Johor Bahru, Penang and Ipoh. Their current fleet consists of over 2,000 cars with 27 different models that are placed in over 1,000 locations. SoCar also has plans to expand to other states in the coming months. If you’re new to SoCar, you can sign up here.

Related reading