Kakao Mobility picks up additional $55M funding at over $4.2B valuation  – TechCrunch


Cacao mobilityThe South Korean-based mobility (MaaS) startup behind the ride-haling app Cacao T said it has raised an additional $ 55 million (65 billion won) from strategic investors. GS retail.. The total amount is about $ 941.4 million (1.11 trillion won), which is estimated to be more than $ 4.2 billion, a spokeswoman for Cacao Mobility confirmed.

On monday, korea GS retail Announced that it has spent $ 55 million on a 1.3% stake in Cacao Mobility.

The latest funding event takes place shortly after a series of funding rounds, including: $ 200 million from The Carlyle Group In February, it was $ 478 million from Google in March and $ 111 million led by TPG in June.Former supporters of Korea GS Caltex, GS Energy When LG Corp, The company said.

Cacao Mobility was recently valued at $ 3.4 billion (409 trillion won), as well as $ 84.9 million (100 billion won) from LG Corp in July, according to a spokeswoman. A spokeswoman said the company may raise additional funding rounds before the initial public offering scheduled for 2022 and early 2023.

Kakao Mobility’s sister companies, Kakao Bank and KakaoPay, went public in August and November, respectively.

Startups will use the new capital to evolve AI-powered mobility platforms and drive the development of autonomous driving technology. Through a strategic partnership with GS Retail, Kakao Mobility will be able to enter the logistics and last mile delivery business using Kakao Mobility’s Transport Management System (TMS) technology, which provides the best route for delivery vehicles. Next year, we plan to launch a pet taxi service that allows pet owners to take a taxi without having to carry their pet on a carrier.

Cacao Mobility, which launched a taxi dispatch service in 2015, has been spun off from South Korea’s largest messaging app operator. Kakao Co., Ltd. In 2017, we will expand to bicycle rental, designated driving, parking lot search service, and navigation business. Cacao Mobility is also developing autonomous driving technology. In March, a spokeswoman for the company received permission from the Ministry of Land, Infrastructure and Transport (MOTIE) to drive a pilot project, self-driving cars, for the next five years.

A spokeswoman said the Cacao Mobility Ride Hailing app has more than 30 million registered users and 230,000 registered taxi drivers on its platform.

According to industry sources, the company has generated $ 237 billion in revenue in 2020 and expects to generate profit in 2022.

“Kakao Mobility is a leading startup in the mobility industry with big data and autonomous driving technology. We look forward to delivering something new. [mobility infrastructure] We provide users with an experience through strategic partnerships, “said Sung Hwa Lee, Head of Corporate Venture Capital at GS Retail.

Kakao Mobility picks up additional $55M funding at over $4.2B valuation  – TechCrunch Source link Kakao Mobility picks up additional $55M funding at over $4.2B valuation  – TechCrunch

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