Korean EV commerce platform Ride Now secures 5 billion won pre-A investment & selected for TIPS program

Electric vehicles (EVs) have been growing in popularity in recent years as people become more aware of the environmental benefits and cost savings associated with electric transportation. However, purchasing an EV can be a complex process, with many factors to consider, such as battery range, charging infrastructure, and pricing.

To make the process easier for consumers, many companies have developed online platforms that allow users to compare different EV models and their features. Ride Now, a Korean startup that offers an app-based electric vehicle (EV) test drive service, has announced a pre-A investment round that raised 5 billion won ($4.2 million). The company also revealed that it has been selected for the TIPS (Tech Incubator Program for Startup) program.

Ride Now, which launched its service a year and a half ago, has already raised 2.5 billion won ($2.1 million) in accumulated investment. The company provides a unique vehicle purchase service that does not interfere with sellers, and currently has 160,000 members using its service.

The EV platform startup is led by CEO Lee Min-cheol, a former Tesla electric car expert, and a team of executives from the car and transportation industries, as well as app development experts. Ride Now is receiving positive reviews for its non-face-to-face app-based test drive service, which solves the limitations of traditional test-drive services centered on internal combustion locomotives. It also provides an electric vehicle purchase comparison service.

Lee Min-cheol, CEO of Ride Now, said, “The completion of this investment and the selection of TIPS is the result of being recognized for the technological excellence and business model we pursue. We will create a system,” he said.

The company plans to use the funds from this investment round to further develop its services and expand its business. The TIPS program will provide additional support to help Ride Now accelerate its growth in the Korean EV market.

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