Korean EV Charging ‘Softberry’ Secures 4.8 Billion Won in Series A Bridge funding
The Korean-based electric vehicle charging startup Softberry has secured a Series A bridge investment totaling 4.8 billion won. Partners Investment, Friend Investment Partners, NH Venture Investment, NH Investment & Securities, Korea Technology Finance Corporation(KIBO), and Korea SMEs and Startups Agency participated in this funding round, bringing Softberry’s cumulative investments to approximately 13.5 billion won.
Softberry offers the ‘EV Infra’ app, providing real-time information on over 330,000 electric vehicle charging station locations nationwide. Members can conveniently make payments at charging stations from 32 roaming companies, including Korea Electric Power Corporation and GS Caltex, upon receiving the EV Infra membership card. With over 650,000 downloads and a monthly user base exceeding 100,000, EV Infra has gained significant traction.
Leveraging data from EV Infra users, Softberry has collaborated with major Korean companies and the government to advance electric vehicle charging businesses. They’ve explored partnerships with Korea Electric Power Corporation to enhance domestic electric vehicle charging infrastructure and provided electric vehicle charging infrastructure information APIs to companies like Kakao Mobility and GS Caltex. Additionally, they’ve partnered with SK Telecom’s carbon mileage program, SK Energy, SK Rent-a-car, Hyundai Motor, and NH Nonghyup Bank.
Recently, Softberry developed an ‘electric vehicle diagnosis service’ in collaboration with SK On to check the battery status of electric vehicles. They also offer a range of services covering electric vehicle charging solutions with ‘EVI Hub’ and electric vehicle charging infrastructure consulting services with ‘EVI Data.’ In March, they were selected as the implementing agency for the Ministry of Environment’s 2024 full-scale electric vehicle charging facility subsidy program.
Donghyun Sim from Partners Investment, who participated in this investment, emphasized the increasing importance of electric vehicle charging convenience as electric car and charging station distribution grows. He noted Softberry’s potential for business growth not only in electric vehicle charging but also in expanding services like charging station management, data, and battery diagnostics.
Park Yong-hee, CEO of Softberry, expressed plans to focus on businesses such as electric vehicle battery diagnostics that can synergize with EV Infra. He highlighted Softberry’s ambition to expand its business to accompany electric vehicle users throughout their charging journey, transitioning from merely providing information on electric vehicle charging infrastructure.
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