Modapl Secures KRW 4.3 Billion to Boost Korea’s Mobility Ecosystem
The South Korean mobility business solutions company, Modapl, has secured KRW 4.3 billion in seed funding. Participants in this investment round included Samsung Venture Investment, Schmid, and AUTO&, which operates a comprehensive platform for aftermarket products and services.. It has also been reported that discussions are ongoing with strategic investors anticipated to collaborate on business ventures.
Despite being a startup just five months post-establishment, the significant amount of funding raised is a testament to the founding team’s capability and the perceived growth potential of future mobility businesses. Modapl was founded in September last year by a trio of mobility experts from Hyundai Motor Company: Choi Hang-jib, former director of the Startup Alliance Center; Kim Seung-dae, former venture capitalist and strategy director; and startup entrepreneur Kim Byung-ki, technology director. The startup was established with the objective of rapidly activating the mobility business ecosystem in South Korea ahead of the global competition in the upcoming Software Defined Vehicle (SDV) era, thereby aiding Korean mobility companies in achieving global competitiveness.
Modapl, which defines cars as moving spaces, acts as a middleware between automobile manufacturers and mobility service providers by offering IT business solutions for operators utilizing these spaces. The solutions provided by Modapl include those that connect IoT devices with vehicles within these moving spaces, link vehicle owners with vehicle management services, and connect mobility data with businesses that utilize such data.
A representative from Samsung Venture Investment Corporation, who participated in this investment round, stated, “With the auto insurance and specialized insurance sectors undergoing changes recently, we expect that collaboration with Modapl will not only enhance customer satisfaction through highly personalized UBI (Usage-Based Insurance) and BBI (Behavior-Based Insurance) but also facilitate the development and provision of new data-based insurance products, thereby boosting our competitiveness in the global market.”
AUTO& commented, “As we enter the era of SDV, we expect Modapl to play a crucial role in maintaining our leadership in the aftermarket through data-based personalized services and in strengthening cooperation with automobile manufacturers in the domain of business-customized vehicle customization products and services.”
Schmidt expressed, “The mobility industry, currently undergoing a significant transition, is ripe with business opportunities despite a shortage of professionals with expertise. We are delighted to support the entrepreneurship of mobility experts we have long observed and will spare no effort in supporting Modapl’s rapid growth.”
Choi Hang-jib, CEO of Modapl, stated, “We are grateful for the significant investment at such an early stage of our startup. With the funds now in place, we will actively recruit top talent and bring to fruition the business ventures currently under discussion with strategic investors. In a country that has produced several global automobile companies, we aim to be the ‘campfire’ of the future mobility business ecosystem, facilitating the emergence of several global mobility companies.”
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