Korean mobility company RIDE has secured a Series A investment of approximately USD 3 million (KRW 4 billion) from IMM Investment, Infobank, and others. The round was led by IMM Investment, with Infobank, an existing investor, participating as a follow-up investor. Despite the overall downturn in the investment market, RIDE’s innovative business model and strong growth potential were highly recognized.  

RIDE operates the contactless test-drive platform RideNow and has expanded its business by acquiring vehicle maintenance company Sky Auto Service and automotive education firm GMC. The company has also signed new car sales agreements with domestic and international automakers, including KGM and Polestar Korea.  

With this investment, RIDE plans to accelerate its expansion by broadening its nationwide service coverage, enhancing platform technology, and growing its B2B business. It aims to introduce a seamless service platform that integrates test drives, vehicle purchases, and on-demand maintenance. Additionally, the company is developing an AI-powered recommendation system to offer personalized vehicle suggestions and optimized purchasing options for consumers.  

A key investor leading this funding round stated, “Despite the current slowdown in the investment market, RIDE’s business model is driving a fundamental shift in the automotive industry, proving its strong growth potential. It has a high likelihood of becoming a unicorn in the mobility sector.”  

With this latest investment, RIDE’s total funding has surpassed USD 4.9 million (KRW 6.5 billion). In 2024, the company achieved approximately USD 17.3 million (KRW 23 billion) in revenue and turned a profit for the first time. Building on this momentum, RIDE aims to go public by 2027, selecting an underwriter within the year while focusing on diversifying its services, strengthening profitability, and expanding its market share.  

RIDE CEO Lee Min-cheol stated, “In today’s digital era, consumers are no longer bound by traditional car-buying methods. We aim to revolutionize the entire car purchasing process, set a new standard for automotive distribution in Korea, and build global competitiveness in the mobility market.”