SEUM provided legal counsel in August 2024 for iTRUCK, Inc, Korea's first big data-based online platform for trading used trucks, in securing KRW 8 billion in Series A funding.
SEUM Law(hereinafter 'SEUM') provided legal counsel in August 2024 for iTRUCK, Inc. (hereinafter "iTRUCK"), the operator of iTRUCK, Korea's first big data-based online platform for trading used trucks, in securing KRW 8 billion in Series A funding. This investment round attracted participation from major domestic investors, including Hankook & Company Group, Stonebridge Ventures, Woori Venture Partners, Pathfinder H, and the Seoul Business Agency(SBA).
Founded in 2020, iTRUCK offers a robust one-stop platform for used truck transactions. Its services include real-time vehicle information and price assessments, vehicle purchases, trading and leasing of commercial license plates, and personalized vehicle sales solutions. By exclusively featuring listings from rigorously certified dealers, iTRUCK has significantly enhanced trust within the market, distinguishing itself as a leading and highly reliable platform for its users.
Reflecting on this milestone, Hyein Jeong, CEO of iTRUCK, remarked: “In just three years since our launch, we have achieved a cumulative transaction volume of KRW 35.2 billion, effectively addressing the pervasive information asymmetry in the used truck trading market. With this investment, we are poised to further solidify our competitive edge and accelerate our growth trajectory.” (Link).
This funding round also deepened iTRUCK’s strategic partnership with Korea & Company, which participated as a strategic investor (SI) in both the previous equity acquisition and the Series A round. Together, the companies aim to create synergies across a broad spectrum of mobility sectors, including the launch of TBX (Truck Bus Express), a specialized marketplace for trucks and buses, and the implementation of a Certified Commercial Vehicle Program, which involves comprehensive inspections of used truck listings and issuance of certification labels to enhance buyer confidence(Link).
SEUM’s advisory team for this transaction was led by Byungil Lee and Jungok Yoon, both partners at SEUM, who leveraged their deep expertise to support iTRUCK in achieving this pivotal milestone.
