Seoul City recently announced that its car sharing firm Socar had successfully attracted funding from leading emerging technologies fund, Collaborative Fund.
Collaborative Fund supports emerging technologies and focuses on the sharing of resources and technology. The fund already has investments in many global companies leading the shared economy industry including Kickstarter, Skillshare, Taskrabbit, Codeacademy and Getable.
Socar is Korea’s leading car-sharing company and is currently operating in Seoul and Jeju Island, with services expected to open in Busan this September. The company began operations in Seoul in February and since then has shown rapid growth of up to 200% each month. Using this success, Socar spent June pitching itself to investors in the hopes of receiving seed-funding and eventually struck a deal with Collaborative Fund.
Socar has the most experience and the most stable technology in Korea’s car sharing industry and unlike other car sharing companies, is focused on creating a community and leading a “cooperative consumer culture” through its innovative young team of entrepreneurs. Collaborative Fund explained that it saw high potential for the market development of car sharing and shared economies, and that it predicts that Socar’s plans for new car lifestyles will become incredibly popular in the future.
Socar CEO Jimin Kim commented on the deal, saying, “Through this investment we’ve been internationally recognized as a leading shared economy business and the most rapidly growing car sharing company in Korea. Using this as a stepping-stone, we plan to expand our services nationwide in the future.”