GCOO raised Pre-Series C Investment, signed IPO Lead Underwriting Contract with Mirae Asset Securities.
United States, 8th Apr 2023 – Achieved successful fundraising from Link Asset Management, one of SpaceX investors, and Mirae Asset Securities, and launched full-scale overseas services
– Generated KRW 53 billion(USD 44m) revenue in 2022, with a 60% YoY increase, and 14% net profit
– Led the rapid growth through efficient operation utilizing big data, AI, and other cutting-edge technologies
Gbike (CEO Jongsu Yoon), which operates the PM(Personal Mobility) sharing service platform ‘GCOO’, announced on Feb 28th that it has secured pre-series C investment from Link Asset Management and Mirae Asset Securities, and signed an IPO underwriter contract with Mirae Asset Securities.
During the investment round, which lasted about three months from December, Gbike succeeded in attracting investment from Link Asset Management, the first Korean investor of SpaceX in 2017, and Mirae Asset Securities. On February 27th, Gbike also signed a contract with Mirae Asset Securities for an initial public offering (IPO) on the KOSDAQ market, aiming to go public in early 2025.
Gbike is currently the No. 1 company in the personal mobility sharing industry and has been ranked No. 1 in revenue in Asia since 2021. It succeeded in manufacturing shared PMs domestically for the first time in the industry and has been recording remarkable growth by optimizing its nationwide operations.
According to Gbike, the company has been able to scale up its business by leading a growth in revenue, achieving a 60% increase in revenue and 38 times increase in net profit compared to the previous year, with KRW 53 billion(USD 44m) revenue in 2022. Based on the current macro financial market situation, this growth and profitability has attracted interest from several investors.
Earlier this year, Gbike rebranded its PM sharing service from Gcooter to GCOO as part of its global expansion. Gbike has been accelerating its overseas launches in addition to the domestic market, 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 its revenue was from domestic PM sharing services, the company’s revenue growth is expected to be even higher in the future.
In addition, Gbike is the first company in the domestic PM sharing industry to produce its own shared PM, and will launch the PM in April.
“We are confident that Gbike’s unique strategy and technology will work overseas following our success in Korea. And the global mobility industry is surprised by our success and has begun to benchmark our growth,” said Sungha Kim, CFO of Gbike. “This year is the first year of Gbike’s global expansion and the first year for domestic shared PMs to be released overseas. With the investment, we will continue to make efforts to expand our services and manufacturing to support EV transformation for our environment.”
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