Socar secures RM75.2 mil capital injection

KUALA LUMPUR: Malaysia’s car-sharing startup, Socar Mobility Malaysia, has received capital injection amounting to RM75.2 million from two companies, Eugene Private Equity Co Ltd and KH Energy Co Ltd.

Chief executive officer Leon Foong said the investment is a clear indication of both investors’ confidence in the Socar’s model of car sharing, the people running the business and the company’s future expansion abroad.

“Our conviction in shared mobility remains as strong as ever and we are very grateful to Malaysia and the government for supporting the multiflex movement,” he said in a statement today.

“With our additional funds, we aim to improve our technology platform and bring services to other parts of Southeast Asia.”

He said the capital injection, which is also the first from both companies into Socar, would bring its financing tally-to-date to RM167 million and would serve to facilitate the company’s expansion into Southeast Asia.

He said the fresh capital would be channelled towards technological enhancements and strengthening the growth and foothold of Socar in Malaysia and expansion into new countries by the fourth quarter of this year.

Currently, Socar is available in the Klang Valley, Johor Bahru, Penang and Ipoh with a fleet of 2,000 cars of 27 models in over 1,000 locations.