Kakao's ride hailing spinoff, which is also backed by Orix, has raised almost $47m from Hong Kong Monetary Authority and two US pension funds.
Kakao Mobility, a ride hailing spinout of South Korea-based internet company Kakao, has raised ₩50bn ($46.6m) in funding from investors including Hong Kong Monetary Authority (HKMA), Korea Economic Daily reported today.
Pension fund managers Teacher Retirement System of Texas and University of California Retirement Plan joined the state-owned HKMA in the round. The latest investment represented approximately 3.1% of Kakao Mobility’s shares, according to a regulatory filing.
Kakao Mobility runs Kakao Taxi, the country’s most popular app-based ride hailing service…
