Friday, July 19, 2024

Funding

Cartax Secures Investment from Korea SMEs and Startups Agency

Korea SMEs and Startups Agency Recognizes Cartax's Innovative Technology
First Investment in Seven Years Since Founding
Over 100,000 Domestic Corporate Clients



Cartax, a startup specializing in fleet management solutions for corporate vehicles, announced on 1st that it has secured investment from the Korea SMEs and Startups Agency.


This marks the first investment since Cartax was established seven years ago, with the Korea SMEs and Startups Agency acquiring redeemable convertible preferred shares (RCPS). The investment amount remains undisclosed.


Cartax offers a service that automates the creation and management of vehicle logbooks, significantly enhancing corporate efficiency. Utilizing GPS and advanced algorithms, Cartax provides real-time, precise tracking and transparent management of vehicle locations and trip records, earning trust from corporate clients for its cost-saving benefits.


The Korea SMEs and Startups Agency's investment reflects high regard for Cartax's service innovation and potential in the corporate mobility market. Cartax plans to use this investment to further enhance its services, conduct new technology research and development, and actively recruit top talent.


An investment evaluation officer from the Korea SMEs and Startups Agency commented, "We received positive feedback and high satisfaction levels from actual corporate vehicle logbook users. We were deeply impressed by the Cartax team's expertise and know-how in trip data technology. We foresee Cartax evolving beyond the B2B market to play a pivotal role in the B2C mobility platform sector."


According to the Ministry of Land, Infrastructure, and Transport, the number of registered corporate vehicles has steadily increased over the past five years, with an estimated 3.44 million corporate vehicles registered nationwide as of 2024. The demand for trip logbooks and vehicle management solutions is expected to grow in tandem with the continuous rise in corporate vehicles.


Jaehee Ahn, CEO of Cartax, stated, "Securing investment from the Korea SMEs and Startups Agency has validated our development capabilities and service potential, enhancing external trust in our company. We are committed to focusing on core technology development that facilitates digital transformation for enterprises. Our goal is not only to assist users in their tasks but also to foster transparent corporate culture and establish efficient vehicle management systems, ultimately reshaping the corporate mobility industry."


Cartax has previously been recognized with an A-grade Inno-Biz certification from the Ministry of SMEs and Startups for its technological innovation. The company also counts major corporations such as Starbucks Korea, Bullsone, and S-Oil among its clients.


Cartax : https://cartax.biz/


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