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GBike, operator of shared scooters, raises pre-Series C funding, plans IPO in 2025

2023-02-28 2 min read

GBike, operator of shared scooters, raises pre-Series C funding, plans IPO in 2025

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GBike, which operates the personal mobility sharing service platform GCOO, announced today that it has raised a pre-Series C funding from Link Asset Management and Mirae Asset Securities. The amount is undisclosed. 

Based on this investment, Gbike has signed an IPO representative relationship agreement with Mirae Asset Securities, and will begin full-scale IPO preparations with the goal of going public on the KOSDAQ market in early 2025.

GBike is currently the No. 1 personal mobility company in Korea, and has been ranked No. 1 in sales in Asia since 2021. The company succeeded in producing shared PMs domestically for the first time in the industry, and has been recording remarkable growth by improving the efficiency of its nationwide operations by improving service quality based on big data and AI, and growing its full-time employee-oriented direct sales organization.

“We have been able to scale up our business by driving overall revenue growth, reaching 53 billion won in revenue in 2022 and achieving a 60% increase in revenue and a 38x increase in operating profit compared to the previous year,” said GBike. “This growth has attracted interest from a number of companies, which is why we were able to successfully secure this investment.”

Gbike rebranded its personal mobility sharing service from Gcooter to GCOO earlier this year as part of its global expansion. In addition to the domestic market, Gbike has been accelerating its overseas launches, starting with its entry into Los Angeles and Thailand last year. In addition, the service will be available in Guam and Vietnam from April this year. Considering that about 95% of GCOO’s KRW 53 billion in sales last year were from services in Korea, the company’s sales growth is expected to be even higher in the future.

Gbike will also be the first Korean service to produce its own shared personal mobility, which will begin service in April. 

“We are confident that GCOO’s unique differentiation and technology will work overseas following our success in Korea, and the global mobility industry is surprised by our success and has begun to study our methods,” said Kim Sung-ha, CFO of Gbike. “This year marks the first year of GCOO’s overseas expansion and the first year that domestic shared PMs will be available overseas, and we will continue to work hard to expand our services and manufacturing based on this investment so that we can be well-received in the public market.”

[Startup News in Korea]

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