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.