Ion Electric in talks to raise $3m from Monk’s Hill Ventures

SE Asia’s newest electric two-wheeler startup venture Ion Electric is looking at raising $3 million with Monk’s Hill Ventures as the likely investor, according to people aware of the development.

Set up in November 2019, Ion Electric is targeting to build an alternative to gasoline motorcycles in the 110-250cc segment with a focus on Indonesia and Vietnam, according to its founder James Chan’s LinkedIn profile.

When contacted, Monk’s Hill replied saying they do not comment on market rumours. Responding to a DealStreetAsia query seeking confirmation on the development, James Chan said:  “At this point, we would prefer not to comment on anything and will make our own announcements at the appropriate time.”

DealStreetAsia could not ascertain any further details regarding the startup’s roll-out strategy since it is still at a very early stage of its business.

James Chan – who describes himself as a tech entrepreneur, investor and startup hustler – was earlier the CEO of Indonesian P2P lender TunaiKita, which was set up in January 2017 as a subsidiary of WeCash Asia Pacific, with local partner Danasupra Erapacific, an IDX-listed multi-finance company.

James Chan is also the founder and chairman of Silicon Straits that makes early-stage investments and helps tech entrepreneurs with financing and go-to-market strategy.

“As an investor, I maintain the remaining portfolio in Neoteny Labs, a $5-million seed fund I started and raised with Joichi Ito in May 2010 which has since returned more-than-capital with significant assets still under management. I used to write angel-sized cheques out of the Silicon Straits balance sheet, investing into companies and funds such as Burpple, Neoteny 3, HipVan, Caarly (acquired by Carousell), Ztore, Carro, One Eight Technologies, PolicyPal, Udu, Pixel Labs and SurePark,” according to his Linkedin profile.

Monk’s Hill Ventures, a post-seed stage investor in Southeast Asia, has made 26 investments. The VC is raising its second vehicle with a $150 million hard cap, focused on early-stage technology startups in Southeast Asia and Silicon Valley. It closed its first fund at $80-million in 2016.

Its portfolio companies include finance and insurance portal C88 Technologies, fintech startup Finaxar, last-mile logistics firm Ninja Van, tech-driven healthcare system Jio Health, and travel e-commerce startup, KKDay.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.