Modapl’s Innovative Mobility Solutions Attracts 4.3 Billion won ($3.2 million) Initial Investment

Modapl, a mobility business solution company, recently attracted seed investment of 4.3 billion won ($3.2 million). Despite being a young startup with only five months of operation, Modapl’s ability to attract such substantial funding reflects the strength of its founding team and the promising trajectory of the future mobility sector.

Founded in September 2023 by three mobility experts from Hyundai Motor Company, Modapl aims to enhance the global competitiveness of Korean mobility enterprises by swiftly rejuvenating the domestic mobility ecosystem. Led by former Startup Alliance Center Director Choi Hang-jip, former venture capitalist Strategic Director Kim Seung-dae, and startup entrepreneur Technical Director Kim Byeong-gi, Modapl envisions cars as dynamic spaces and offers innovative IT solutions that bridge the gap between vehicle manufacturers and mobility service providers.

The solutions provided by Modapl include IoT device integration, vehicle management services, and data utilization for businesses operating within the mobility sector. The recent investment round saw participation from Samsung Fire & Marine Insurance’s SVIC No. 58 New Technology Investment Association, Auto&, a comprehensive aftermarket platform, and Schmidt, a mobility-focused investment company. Discussions for additional investments are also underway, with strategic partners poised for future collaboration.

A representative from Samsung Venture Investment expressed enthusiasm about the potential collaboration, anticipating the development of hyper-personalized insurance products that align with changing trends in automobile insurance. He said, “We expect that we will be able to develop and provide new concept data-based insurance products and increase competitiveness in the global market.”

An official from Auto& said, “In the SDV era, Modapl will play an important role in continuing its leadership in the aftermarket through data-based hyper-personalization services and strengthening cooperation with car manufacturers in the field of vehicle customization products and services tailored to operators.” Schmidt, recognizing the vast opportunities within the evolving mobility landscape, pledged unwavering support for Modapl’s journey.

Modapl CEO Choi Hang-jip said, “We are grateful for the large investment even though we are an early-stage startup. Now that we have the funds ready, we will begin recruiting outstanding talent in earnest to implement the businesses we are discussing with strategic investment companies.” With the necessary resources in hand, Modapl aspires to ignite a vibrant ecosystem for future mobility businesses, fostering the emergence of globally competitive enterprises in Korea’s automotive landscape.

Also Read,

Keep tab on latest news in the Korean startup ecosystem & follow us on LinkedIN, Facebook, and Twitter for more exciting updates and insights.

What’s your thoughts?