Konaus raises 3.5 billion won in Series A funding

Konatus, the operator of mobility innovation platform Banban Taxi, announced on the 27th that it had raised KRW 3.5 billion in Series A funding.

New investors in the round included strategic investors SK Gas and Motov, as well as Silicon Valley-based venture capital firm Northern Light Venture Capital (NLVC), SBA, and AN Investment. SparkLabs Ventures, TBT, and BonAngels also made follow-on investments after participating in the pre-Series A round. The Series A brings Konatus’ total funding to KRW 5 billion.

Banban Taxi, operated by Konatus, is a taxi-based mobility platform that arranges voluntary rideshares for passengers traveling in the same direction. Last July, it was selected as the first mobility business under the regulatory sandbox program. The service has been well received by the taxi industry, with around 10,000 taxi drivers in Seoul registered as members. Passenger numbers for its regular ride-hailing service have also risen rapidly since the service was recently upgraded and relaunched.

Kang Yoon-seok, CEO of SparkLabs Ventures, which led the investment, explained the decision: “The metrics Konatus has delivered in the mobility sector, a hub of change and innovation, are highly encouraging. This investment gives us high expectations for the company’s next phase of growth.”

Konatus CEO Kim Ki-dong said, “With this funding, we plan to strengthen business partnerships with strategic investors and expand nationwide. We are preparing to recruit drivers ahead of the launch of our franchise service this year, and plan to introduce an innovative mobility model that benefits both passengers and drivers.”