Mobility startup Itcha raises pre-Series A funding

Mobility startup Last Thirty Minutes announced on the 18th that it had raised a pre-Series A round. Hyundai Motor, Alticast and CNTTech participated; the amount was not disclosed.

The company was also selected for the TIPS program, a government initiative that supports technology startups through private-sector investment, giving it a platform for growth.

Founded in 2018 with its on-demand parking service Itcha, Last Thirty Minutes drew attention when a co-founder of U.S. Silicon Valley-based scooter-sharing company Lime made an early investment. It is now actively working with local governments, including Seoul and Bucheon, to advance smart city development.

Itcha parks customers’ cars for them. When users request the service through the app, an Itcha driver, known as a “Linker,” picks up the car right outside the customer’s destination, parks it safely and brings it back to a location of the customer’s choice at the requested time.

The company began weekend pilot services in 2019 and has since recorded 70,000 app downloads. It currently operates in Gangnam, Jongno and Hongdae on weekends. Last Thirty Minutes said the investment will give it the resources to expand its R&D and the reach and scale of its services.

“We are the only company in Korea operating an on-demand parking service,” said Lee Jeong-seon, CEO of Last Thirty Minutes. “Until now, we have provided parking services for individual customers. Going forward, we aim to establish ourselves as a parking-services platform in partnership with a range of partners.”

Last Thirty Minutes plans to secure at least five pilot service areas this year and expand across Seoul in 2021. Its strategy is to grow into a key part of Mobility as a Service (MaaS) by partnering with a range of service providers, including medium- and large-scale parking operators and companies in events, car washing, fuel, vehicle maintenance and EV charging.

Last Thirty Minutes: https://itcha.co.kr/