Design & Practice Secures KRW 15.1B Series A

SEOUL, South Korea – Design & Practice, the operator of the South Korean vehicle lease and rental management platform Chazm, announced on Tuesday that it has closed a KRW 15.1 billion (US$ 10.49 million) Series A funding round.

The round was led by Stonebridge Capital, with participation from KB Investment and FuturePlay. Other investors included Zer01ne Ventures (Hyundai Motor Group’s venture arm), LX Ventures, and UAE-based Shorooq Partners.

FuturePlay, an early investor, has participated in every round from Pre-A to Series A.

The company has raised a total of KRW 19 billion (US$ 13.19 million).

Chazm provides a platform that manages the lifecycle of leased and rented vehicles, including contracting, operations, returns, and secondary-market distribution.

The platform systematizes vehicle history and management standards to address information gaps and financial risks for consumers.

The company said it will use the funds to expand its global distribution and export operations for returned lease vehicles, focusing on the Japanese and Middle Eastern markets.

Since its launch 18 months ago, Chazm has reported 300,000 registered members and a cumulative transaction volume of KRW 118 billion (US$ 81.94 million).