Design and Practice, Operator of Car Lease and Rental Platform, Secures 15.1 Billion KRW Series A Investment
Design & Practice, the operator of the car lease and rental management platform 'Chazm', announced on January 27 that it has secured 15.1 billion won in Series A funding.
Financial investors such as Stonebridge (lead investor), KB Investment, and FuturePlay participated in the round, along with strategic investors including Zer01ne Ventures (a Hyundai Motor Group affiliate), LX Ventures (an LX Group affiliate), and Shorooq Partners, a global investment firm based in Abu Dhabi, United Arab Emirates.
FuturePlay, as an early-stage investor, continued its follow-on investments through the pre-A, bridge, and Series A rounds. With this Series A funding, Design & Practice’s total accumulated investment has reached 19 billion won.
Chazm is a platform that manages the entire process of car leasing and rental-including contracts, operation, returns, and distribution-using data. The platform focuses on systematically managing vehicle histories and ensuring reliability, enabling customers to transparently understand vehicle conditions and transaction terms, and to select vehicles based on predictable standards.
Building on this operational model, Chazm plans to gradually expand its global distribution and export business utilizing returned lease and rental vehicles, with a particular focus on the Japanese and Middle Eastern markets.
Jung Sangyeon, CEO of Design & Practice, stated, "Although cars are the most expensive goods purchased by individuals, the risks borne by consumers are excessively high due to price fluctuations and the lack of transparency in distribution structures. Chazm aims to address these structural issues by transforming vehicles from mere objects of ownership into manageable consumer assets, ultimately changing customers’ car consumption habits."
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Meanwhile, within just a year and a half since its launch, Chazm has recorded a cumulative membership of 300,000 and a total transaction volume of 118 billion won.
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