Electric commercial vehicle startup Equal raises investment from FuturePlay

Electric commercial vehicle startup Equal announced on the 21st that it had raised investment from FuturePlay. The amount was not disclosed.

Equal was founded in May this year by four students, including CEO Noh Young-jo, Kim Pil-soo, Kim Min-seok and Bae Seong-jae of Kookmin University’s Department of Automotive and Transportation Design.

Equal began by developing cleaning vehicles for sanitation workers and is now developing electric micro-trucks designed for urban freight transport. Through a sharing-economy model, it aims to help gig workers who find vehicle purchases and maintenance burdensome handle their work more easily and efficiently.

Equal’s vehicles are built for durability and feature easy-to-replace components and onboard functions needed for work. They are also designed to suit anyone and feel familiar to users.

Equal has completed development of a vehicle prototype and registered as an automobile manufacturer. It has also passed a technical review and safety inspection commissioned by the Ministry of Land, Infrastructure and Transport. The company plans to begin mass production and launch its gig-economy platform in 2022.

Shin Chae-ho, an investment manager at FuturePlay, which led the investment, said, "We believe Equal’s electric commercial vehicles will bring major change to the mobility market through innovative designs that maximize practicality. We expect them to drive innovation in the sharing economy market centered on freight and transportation."

Equal CEO Noh Young-jo said, “If people can drive an Equal vehicle anytime, anywhere in the growing parcel-delivery and gig-economy markets, it could give young adults in their 20s and 30s a way to earn income in today’s fast-paced society.”