SOCAR raises US$18 million to expand car-sharing platform

SOCAR, the platform which provides car-sharing services in Malaysia, has raised US$18 million in a Series A funding round from Eugene Private Equity and KH Energy.

Based in South Korea, the startup aims to use the fresh funds to enhance its platform, grow within Malaysia, and expand into new countries by Q4 2020.

“The extra capital will also be used to improve its app’s user experience, add new modes of car sharing, support more payment options, and expedite the onboarding and processing of license approvals for new users,” said Socar Malaysia CEO Leon Foong.

The company is currently operating its 27 different models in over 1,000 locations in the Klang Valley, Johor Bahru, Penang, and most recently, Ipoh.

UangTeman closes US$10M in series B round led by ACA Investments

UangTeman, an online lending platform which lends money to borrowers with no credit history, reportedly raised US$10 million in the second part of its Series B funding round, according to Tech in Asia. The round was led by Singaporean private equity firm ACA Investments with participation from Pegasus Tech Ventures and Japan’s Spiral Ventures.

The first part of the company’s Series B funding round was led by Draper Associates and Japan’s KDDI Open Innovation Fund.

Also Read: Startup of the Month, August: UangTeman, an online lending platform in Indonesia

“Whilst headline growth rate is sexy and will fetch high valuations, I believe that at the core of viability of every business – startup or otherwise – is its economic fundamentals and sustainability for the long term,” says Aidil Zulkifli, the founder and CEO of UangTeman, who expresses his desire to build loan products that are less risky and more sustainable in the market.

e27 to reveal Indonesia’s most active agritech startups in an in-depth industry report 

e27 is set to launch a report that aims to provide an in-depth analysis of Indonesia’s agritech industry along with insights and comments from multiple industry leaders.

Set to be launched next week, the report will reveal the most active and top-funded startups in the region.

Also Read: Morning News Roundup: Singapore’s Life3 Biotech to have its first plant-based alternative protein production facility

It will also reveal the most active VC firms in the agritech sector in the region.

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Image Credit:  Luke Ow

 

 

 

 

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