Ride attracts 4 billion won in Series A investment

– Accelerate growth as a comprehensive mobility solution innovation company
-Achieving first operating profit in 2024…IPO target in 2027

Mobility company Ride Co., Ltd. (CEO Lee Min-cheol) announced on the 19th that it has attracted a total of 4 billion won in Series A investment from major venture capitals (VCs) such as IMM Investment and Infobank. The total investment attracted is 6.5 billion won.

IMM Investment led this investment, and existing investor Infobank participated as a follow-up investor. This is the result of Ride’s innovative business model and growth potential being highly evaluated even amidst the overall investment market downturn.

Based on this investment, Ride plans to actively pursue ▲ nationwide service area expansion ▲ platform technology advancement ▲ B2B business expansion. It plans to introduce a new service platform that provides one-stop service from new car test drives to purchases and on-site maintenance. Vehicles can be purchased at the same price anywhere in the country, and it is linked to financial services such as automobile insurance. In addition, it is developing a service that introduces an AI-based vehicle recommendation system to recommend vehicles tailored to consumers and suggest optimal purchasing methods.

The person who led this investment evaluated, “Even in a situation where the overall investment sentiment in the market is currently depressed, Ride’s business model has proven its strong growth potential by leading to a fundamental paradigm shift in the automobile market,” and “There is a high possibility that it will grow into a unicorn company in the future mobility market.”

“Consumers in the digital age are no longer bound by traditional car purchasing methods,” said Lee Min-cheol, CEO of Ride. “We will innovate the entire car purchasing process and ultimately present a new standard for domestic car distribution to become competitive in the global mobility market.”

Ride is expanding its competitiveness by building a comprehensive mobility solution that covers the entire automobile life cycle through various services such as vehicle management service 'RideCare', electric vehicle charger operation and management service 'RideOn', and automobile brand education and consulting service 'RideContents'. Ride recorded sales of 23 billion won and its first operating profit turnaround in 2024. Based on this, it plans to select an underwriter within this year and focus on service diversification, strengthening profitability, and expanding market share, targeting an initial public offering (IPO) in 2027.