Chabot Mobility raises $900,000 in Series C round

South Korea's automotive management platform startup Chabot Mobility said on Wednesday that it raised 1.2 billion won ($900,000) in a Series C investment.

With this round, Chabot Mobility's total cumulative investment now stands at 22.6 billion won.

Participants in the latest round include Hanwha Investment & Securities, Hyundai Investment Partners, GLK Equity Investment, Hana Ventures, Hyundai Marine & Fire Insurance Co., and SK Networks Co. 

Chabot Mobility stated that the company was valued at more than twice its previous valuation, reaffirming its growth potential.

Founded in 2016, Chabot Mobility operates platforms like Chabot, which handles everything from car purchases to tailored insurance, financing and vehicle management, achieving an average annual revenue growth rate of 150% over the past seven years.

The platform has accumulated 1.2 million users, with a total transaction volume of 720 billion won ($541 million).

This year, the company aims to break even by focusing on its digital auto-commerce business, centered around new car purchasing services. Chabot Mobility plans to improve its profitability, build a sustainable growth structure, and pursue an IPO by 2026.

In addition, the company is exploring synergies in various financial businesses, including connecting vehicle purchase and financing products through API integration with Hana Card and Hana Capital, a prepaid charge-based vehicle service payment business, and collaborations in the used car sector.

With Hyundai Marine & Fire Insurance, Chabot Mobility plans to expand beyond existing B2B collaboration into auto insurance sales through embedded insurance (insurance embedded in non-insurance products) based on connected data, offering more precise, customized insurance services.

Chabot Mobility also intends to develop a new subscription service model in connection with The Carpet, the imported car management platform it acquired from SK Networks in May this year.

Write to Joo-Wan Kim at kjwan@hankyung.com