Singapore-based e-scooter service provider Neuron Mobility announced that it has raised S$5 million ($3.6 million) from SeedPlus, 500 Startups, SEEDS Capital, ACE Capital and other angel investors as well as family offices, it said in a statement on Thursday.
The VC arm of Thai-listed property developer Sansiri and Siam Commercial Bank, Siri Ventures, has also joined the round.
According to Neuron Mobility, the fresh funds will be used to expand its services across Asia Pacific, having launched its e-scooter sharing service in Bangkok and Chiang Mai in the past few months. It aims to launch in Malaysia this month.
Neuron Mobility CEO Zachary Wang told DEALSTREETASIA that he has Indonesia, Korea, Taiwan, Australia, New Zealand and other markets on his radar.
“We are very pleased with early traction in Thailand – we have a partnership with foodpanda for Chiang Mai that is working out very well and our partnership with Sansiri in Bangkok has seen a lot of early success. We believe Thailand will be an important market for us in future,” he said.
In addition, the startup will also be developing a “superior commercial grade” e-scooter for enhanced robustness and rider safety. Neuron Mobility has a proprietary supply chain for its scooters, allowing the startup to have greater control over the manufacturing of scooters and enabling quicker scale-up process.
“We see an increasing need for last mile mobility solutions across Asia. We are grateful for the support of our partners who believe in our vision of building a sustainable micro-mobility platform that works with cities to solve the needs of consumers looking for a fast, convenient, and affordable mode of transport.
“This latest funding allows us to apply our experience in operating in Singapore and Thailand, and expand our services to the wider Asian region, giving commuters a sustainable personal mobility solution,” said Wang.
Founded in 2016, Neuron Mobility claims that it owns and operates the largest shared e-scooter fleet in Singapore. It has close to 1,000 scooters in Singapore and a few hundreds more in Thailand.
“Using homegrown IOT, predictive analytics, and network optimisation, the company is positioned favorably to rapidly expand across Southeast Asia. We strongly believe in the company’s vision of working collaboratively with cities and local stakeholders to drive growth in smart city initiatives,” said SeedPlus partner Chirayu Wadke.
Quick bites with Neuron Mobility’s CEO, Zachary Wang: