Chabot Mobility, a Korean mobility life platform company, announced on the 25th that it has secured 12 billion KRW (approximately 8.8 million USD) in Series C funding. This round saw participation from Hanwha Investment & Securities, Hyundai Investment Partners, GLK Equity Invest, Hana Ventures, Hyundai Marine & Fire Insurance, and SK Networks, and Quantum Ventures Korea is finalizing its investment. With this latest funding, Chabot Mobility has secured approximately 22.6 billion KRW (approximately 16.7 million USD) in cumulative investment.

Notably, Chabot Mobility has seen its corporate value more than double in this Series C round compared to the previous round, reaffirming its growth potential. This marks a significant achievement, as it has doubled its funding in just two years since securing 10.6 billion KRW (approximately 7.8 million USD) in Series B funding in late 2021. This result reflects the trust in Chabot Mobility’s business model and growth potential, especially in the current challenging startup investment environment.

Founded in 2016, Chabot Mobility is Korea’s only complete auto-commerce solution company. It provides an integrated platform service that enables users to digitally solve complex issues related to car purchases and operations, from car purchases to customized insurance, finance, and vehicle management. Through its B2B2C business model, the company operates the ‘Chabot’ integrated vehicle solution app for drivers, ‘Chabot Prime’ as a sales management partner for new car dealers, and ‘Cha Team’ as an essential app for used car dealers. Beyond simple digital convenience, it strengthens its market differentiation by creating a positive cycle that maximizes mutual benefits for dealers and consumers.

With this market competitiveness, Chabot Mobility has been rapidly expanding, recording an average annual sales growth rate of 150% for seven years. The company has accumulated 1.2 million service users and 720 billion KRW (approximately 531 million USD) in cumulative transaction value, and 30,000 dealers which is approximately 50% of Korea’s total 60,000 dealers have joined the Chabot membership. This year, the company aims to achieve the break-even point by focusing on the digital auto-commerce business centered on new car purchases. Through this, it plans to improve its profit structure, establish a sustainable growth structure, and pursue an IPO in 2026.

Chabot Mobility is seeking various collaborations with its investors through this funding. With Hana Financial Group, it plans to provide consumers with a more convenient financial experience by linking car purchases and financial products through API integration with Hana Card and Hana Capital. Additionally, it is exploring synergies in various financial businesses, such as pre-paid charging-based vehicle businesses and cooperation with Hana Capital in the used car business.

With Hyundai Marine & Fire Insurance, the company plans to expand beyond existing B2B cooperation to provide more precise customer-tailored insurance services through embedded insurance based on connected data. Furthermore, it plans to expand its presence in the vehicle management market by developing new subscription service models linked to ‘THE CARPET’, a used car management platform acquired from SK Networks in May this year.

An official from Hyundai Investment Partners, which participated in this round of investment, commented, “Chabot Mobility has established a strong channel and stable revenue model that can attract customers without marketing costs by securing a domestic new and used car dealer network. The company’s continuous expansion of its business model through AI repair estimates and imported car maintenance also shows great growth potential.”

An official from Hanwha Investment & Securities explained the background of the investment, saying, “Chabot Mobility is a pioneering mobile intermediary platform in the domestic market as an innovative platform that provides one-stop services for new and used car purchases, insurance, and aftercare. We expect this strong market position and expandable business model to shine even brighter through future growth and IPO.”

Sung-geun Kang, CEO of Chabot Mobility, said, “The successful fundraising of this Series C round is a new growth momentum for Chabot and reaffirms the market competitiveness and value of our auto-commerce business. Through the secured new funds and strategic cooperation with investors, we will secure the fundamental competitiveness of our auto-commerce business model, improve our profit structure, and expand into the global market, thereby establishing a sustainable growth system.”