Roadwin Human Co., a Korean car-carrying and logistics service firm, has completed a series C funding round raising 17.5 billion won ($13.7 million) and sporting a high-profile lineup of pre-IPO capital investors.
The latest funding, which came 10 months after its $4.3 billion series B round in June last year, exceeded its original target of 15 billion won on strong demand from venture capitals amid fast business growth and positive outlook for the company’s new vehicle management business.
The funding round led by existing investor A Ventures was joined by Widwin Invest, Pentastone Investment, NH Hedge Asset Management, Coolidge Corner Investment, and Shinyoung Securities.
Roadwin Human’s revenue has doubled in the past three years with 4 billion won in 2019, 17.6 billion won in 2020 and 41.8 billion won in 2021. The company aims for double growth this year with sales of 82 billion won.
Roadwin Human consists of two business divisions: vehicle management and last mile logistics.
The vehicle management business division was recently expanded based on the company’s established car-carrying service to provide new services such as contract inspection and maintenance in the B2B sector. The new business is on path to growth based on Roadwin Human’s service network and independent delivery and order management systems this year.
Roadwin Human has Hyundai Motor, Genesis, BMW, Lotte Rent-a-Car, Coupang, and Socar as its major partners in the car-carrying sector, and it is a major digital key-based pickup and service provider for Hyundai Motor’s MyHyundai 2.0.
The logistics division offers delivery services for large e-commerce companies, covering 1.5 million cases per month, demonstrating handling capability as one of the country’s top-tier logistics firms.
In 2021, the logistics division grew by 300 percent from the previous year. The company aims to achieve 82 billion won this year, 140 billion won next year and go public in 2024.
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