GBIKE Secures Series C Funding for Global Expansion in PM Market
GBIKE, Korean startup operating the Personal Mobility (PM) sharing platform GCOO, has secured a Series C investment of 11.9 billion won. This round comes roughly 10 months after their pre-Series C funding in February and was led by LB Investment, with BNK Venture Investment, AP Investment, and Eugene Asset Management as new investors, and CYMECHS as a follow-on investor.
GBIKE has established itself as the leader in the domestic PM market, successfully attracting investment due to its sustained profitability.
An LB Investment official, leading this investment, commented, “GBIKE is a rare startup that has proven both stable growth and profitability, dominating the domestic PM market. This investment will not only bolster GBIKE’s growth but also propel its expansion into international markets, establishing a foundation for it to be the first domestic mobility platform company to succeed globally.”
Established in 2017, GBIKE reported 52.2 billion won in sales and 8.4 billion won in operating profit in 2022. These figures represent a 60% increase in sales and a 3700% increase in operating profit year-over-year. The company has enhanced its service competitiveness as a mobility innovator by securing proprietary technology in PM manufacturing, developing a universal battery compatible across various PMs, and incorporating artificial intelligence technology. These efforts have led to remarkable achievements, such as leading PM industry sales in Asia for two consecutive years and accumulating over 100 million rides by September 2023.
Moreover, GBIKE has ventured into the U.S. market, the birthplace of the global PM sharing service, marking a first for a Korean PM company. It is also actively exploring Southeast Asian markets like Thailand and Vietnam, thus expanding its global footprint. Investors have expressed that sales growth from these international expansions will be notable.
GBIKE intends to use the investment funds to further accelerate its global operations. Initially, it plans to export its in-house developed electric scooter ‘K2’ to the U.S. market and build a cloud server system for global integrated services, aiming to evolve into a global PM sharing platform that merges hardware and software.
Jongsoo Yoon, CEO of GBIKE, stated, “In a rapidly expanding and highly competitive PM market, GCOO’s unique offerings and technical prowess have enabled us to successfully attract investment. This funding will be pivotal in our successful expansion into overseas markets and in reinforcing our position as the top domestic operator. Our goal is to grow GBIKE by 2-3 times annually, ultimately leading to an IPO.”
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