September 22

Malaysia-Based Socar Raises US $55 Million in Series B Funding Round From New Investors EastBridge Partners, Sime Darby

By Anisa Menur A. Maulani

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.

Photo courtesy of kAz.

Source: e27 (link opens in a new window)

Investing, Technology, Transportation
impact investing, transportation