Socar Malaysia runs two core offerings: the SOCAR app, which provides on-demand car rentals from a fleet it controls, and TREVO, a peer-to-peer car-sharing marketplace that matches private car owners with renters. Launched in January 2018 as a joint venture between SK Inc and Socar Inc, the company has built a fleet of about 2,200 cars spanning 36 models and deployed them at more than 1,000 pick-up locations in Selangor, Kuala Lumpur, Penang, Johor, Ipoh and Melaka. Its newer TREVO platform has nearly 6,400 vehicle listings across major cities in Malaysia and Indonesia, giving the company a sizable two-sided marketplace. Management plans to channel fresh capital into technology upgrades, clean-mobility initiatives and an accelerated rollout of TREVO to more Southeast Asian markets, supporting its “multiflex mobility” vision. Post-raise, SOCAR reports US$73 million of total cash on hand and a valuation of US$213 million, providing runway for continued expansion. The company aims to create new income streams for car owners while restoring safe, private travel options as the region emerges from COVID-19 constraints.

Total raised

$73M

Funding rounds

2

Latest round

Series B

Latest activity

Sep 2021