Iron Capital Plc has announced it secured $5.7 million Series A round funding to build Cambodia’s first digitized automotive ecosystem.
Iron Capital Plc is a Cambodian-based investment holding company with business interests in Automotive, Supply Chain, and Technology. The Series A funding deal has come from private strategic investors.
The firm plans to develop a custom garage technology system and mobile app to provide customers with easy access to their products and services. A statement said that a mobile app version 1.0 will be released in the third quarter of 2021.
Lee Weiken, CEO of Iron Capital said: “Cambodian car consumers have long had to fight low-quality spare parts and fraudulent repair services provided by irresponsible market players. Our goal is to level the competition for consumers, create new ecosystems through ISO-certified automotive service centres, spare parts supply chains and financial services, and connect them all through technology.”
Iron Capital was founded in 2019 by car veterans Richard Seang and Alice Sok, along with serial entrepreneur Tommy Sim.
Their other investments include A Klasse Auto Co., Ltd (Cambodia’s first dual-ISO certified private garage franchise), Advanced Auto Digital Media, and plans to launch an automotive supply chain business in 2022.
In 2017, BMI research (U.K) forecast that new car sales in Cambodia will grow at an average rate of 16.6 per cent for five years (until 2022).
The Cambodian government has previously said that it wants to have proper standards on any type of imported vehicles by 2023.