Ride (RIDE) has secured a 4 billion KRW Series A investment led by IMM Investment, aimed at expanding its contactless car buying and maintenance platform amidst a challenging market.
Target Information
Mobility company Ride (RIDE) recently announced that it has secured a Series A investment of 4 billion KRW from IMM Investment and Infobank, with IMM Investment taking the lead role. Infobank, an existing investor, also participated in this funding round. This investment comes amid a challenging investment market, reflecting the high valuation of Ride's innovative business model and growth potential.
Ride operates the contactless new car test-driving platform 'RideNow' and has expanded its business by acquiring vehicle maintenance company Sky Auto Service and automotive education provider GMC. The company has also signed new car sales contracts with domestic and international automotive firms, including KGM and Polestar Korea.
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Industry Overview
The automotive industry in South Korea is undergoing significant transformation as consumer preferences evolve towards digital solutions and integrated services. Companies are increasingly leveraging technology
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IMM Investment
invested in
Ride
in 2023
in a Series A deal
Disclosed details
Transaction Size: $3M
Revenue: $0M