G-BIKE, which operates the personal mobility (PM) sharing platform GCOO, has successfully attracted a new investment of 11.9 billion won. This follow-up investment was completed about 10 months after the pre-Series C investment round in February. With the completion of the substantial investment round, GCOO is now able to concentrate on enhancing its service capabilities.
The Series C investment was led by leading domestic venture capital firm LB Investment with new investors BNK Venture Investment, AP Investment Finance, and Eugene Asset Management, along with existing investor CymaX participating in the follow-up investment.
Despite the ongoing startup investment winter due to uncertainties such as inflation-driven interest rate hikes and economic recession, G-BIKE has grown its unique influence as the leading personal mobility market operator in South Korea. Additionally, its ability to continuously generate profits in terms of profitability has been recognized, leading to the successful attraction of investment.
An official from LB Investment, which led this investment, stated, "G-BIKE is one of the few startups in Korea that have proven stable growth and profitability as the dominant number one operator in the domestic PM market." They added, "This investment will not only boost G-BIKE's growth but also lay the foundation for its successful expansion into international markets, making it the sole mobility platform company in Korea to effectively tackle the global market."
Founded in 2017, G-BIKE has established itself as the leading domestic operator in the PM sharing platform market. It recorded sales of 52.2 billion won and operating profits of 8.4 billion won in 2022, marking a 60% increase in sales and a 3,700% increase in operating profits from the previous year. Furthermore, it has strengthened its service competitiveness as a mobility innovation company by △ securing original technology in the PM manufacturing sector △ developing a universal battery compatible with various PMs △ and adopting artificial intelligence technologies. As a result, it boasts overwhelming performance such as △ leading the Asian PM industry sales for two consecutive years △ accumulating 100 million rides by September 2023.
Furthermore, it has expanded its market worldwide, venturing first into the U.S., the birthplace of the global PM sharing service, followed by aggressive moves into Southeast Asian markets such as Thailand and Vietnam. The investors evaluate that the growth in sales due to the overseas expansion will be prominent in the future.
With the funds secured from this investment, G-BIKE plans to accelerate its global business initiatives. Initially, it will venture into exporting its domestically developed electric scooter 'K2' to the U.S. market, and by building a cloud server system capable of global integrated services, it aims to leap forward as a global PM sharing platform that unifies both hardware and software.
Jong-Soo Yoon, CEO of G-BIKE, said, "In a highly competitive PM market that is expanding rapidly, we managed to successfully attract investment by being recognized for GCOO's distinctiveness and technical capabilities." He added, "This investment will be a major driving force in successfully capturing overseas markets and solidifying our status as the leading domestic operator, aiming to grow rapidly by 2-3 times each year to reach an IPO."
