Korean Platform iTRUCK Raises KRW 8 Billion, Partners with Hankook & Company

Korean-based used truck trading platform iTRUCK has secured a KRW 8 billion (approximately USD 6 million) investment from Stonebridge Ventures, Hankook & Company, Woori Venture Partners, Pathfinder H, and the Seoul Business Agency (SBA).

Notably, iTRUCK and Hankook & Company are set to collaborate in various mobility sectors, including TBX (Truck Bus Express) and certified commercial vehicles, aiming to create significant synergies through their strategic partnership.

iTRUCK attracted this investment due to its unique business model and strong market potential. The platform simplifies the complexities of used truck transactions and enhances efficiency by offering an innovative solution. Using advanced data analytics and AI technology, iTRUCK optimizes the matching process between truck buyers and sellers, ensuring fair pricing.

Recently, iTRUCK has achieved significant milestones. Major venture capital firms and institutional investors have recognized the company’s innovative approach and technological capabilities, leading to this substantial investment. They see iTRUCK as a company with strong market competitiveness and significant growth potential.

Founded in July 2020 by CEO Hyein Jung, iTRUCK was created in response to issues in the used truck market that Jung observed while managing a commercial license plate leasing business in the transportation industry. The company has successfully reduced the risks and inequalities that buyers often face in used truck transactions, achieving a cumulative transaction volume of KRW 35.2 billion (approximately USD 26 million) within just three years of its launch.

CEO Hyein Jung of iTRUCK remarked, “This significant investment is not just about securing funds; it’s an affirmation of our platform’s strength in a challenging investment environment. Moving forward, we will continue to enhance our competitiveness in the used truck trading market through ongoing technological innovation and customer-focused services, setting new standards for platform companies.”

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