SOCAR Mobility Malaysia has closed an investment round of RM230 million in its recent Series B funding exercise. With this funding round the company is now valued at RM890 million.
The equity and capital injection came from from South-Korea based EastBridge Partners as well as an investment by Malaysian multinational Sime Darby Berhad in this funding exercise. This investment – the first for both entities into Socar Malaysia, takes its financing tally to-date to USD73 million.
“We warmly welcome our new partners – EastBridge Partners and Sime Darby Berhad onboard SOCAR’s journey of growth, as we expand to bring multiflex mobility to more countries in Southeast Asia. We are pleased to strengthen our relationship with Sime Darby Berhad, following existing collaborations with its Motors division, by expanding our strategic partnership into one based on equity interest,” said Leon Foong, CEO of SOCAR Mobility Malaysia.
Socar will utilise these funds to expand into the Southeast Asia market, using its TREVO platform where car owners get to earn and also for users to leverage on the supply of vehicles on the platform.
The investment will be channelled towards continuous technological enhancements and investing in further trust and safety measures that will help improve the overall profitability of the business. SOCAR will also be looking at using its fleet expertise to introduce clean mobility to the masses and will be leveraging its peer-to-peer marketplace expertise to further empower fleet and private car communities across Southeast Asia via its TREVO platform. The investment will be structured into two tranches, with 60% upfront and the additional 40% disbursed based on agreed conditions.
EastBridge Partners’ investment into SOCAR Mobility Malaysia aligns with its Korea+ core investment strategy that leverages EastBridge’s Korea and Pan-Asia network, whereby investments are focused on companies with strong fundamentals, high growth potential and global expansion prospects.
SOCAR was first launched in Malaysia in January 2018 as a joint venture between SK Inc. and Socar Inc. In February 2020, it completed its Series A funding of USD18 million with investment from Eugene Private Equity Co. Ltd. and KH Energy Co. Ltd. TREVO, a wholly-owned subsidiary of SOCAR was launched at the end of February 2020, as an app-based P2P car-sharing marketplace.
It currently operate with over 2,200 cars in 36 different models in over 1,000 locations in Selangor, Kuala Lumpur, Penang, Johor, Ipoh and Melaka offered on its app. TREVO currently has close to 6,400 car listings in major cities on its app-based P2P car-sharing marketplace in Malaysia and Indonesia.