Singapore EV maker ION Mobility raises $6.8m seed funding led by Quest, TNB Aura

Singapore-based electric vehicle maker ION Mobility has raised a total of $6.8 million in a seed funding round co-led by Quest Ventures and TNB Aura, according to a company announcement.

Other investors including GDP Venture, Monk’s Hill Ventures, Seeds Capital, and 500 Southeast Asia (formerly 500 Durians) also participated in the round along with venture capitalist Alice Hung, ION Mobility founder and CEO James Chan, and the company’s CTO Calvin Cheng.

The company had announced raising $3.3 million in the fourth quarter last year. It has now raised $3.5 million in an extended round.

The fresh funds will be used to set up manufacturing operations in Singapore and Indonesia. The team is also preparing for the unveiling of its inaugural EV motorbike by the end of this year.

“There is a growing sense of excitement and momentum in Southeast Asia around electric motorbikes and how they can transform not just the way people move around cities, but also their impact on the environment and the economy,” said founder and CEO James Chan.

“I’m personally excited about using this new investment and the support of our investors and their networks to accelerate our manufacturing facilities and go-to-market operations across Singapore and Indonesia so that we can better serve our customers upon launch,” he added.

As part of this round, Quest Ventures managing partner James Tan and TNB Aura managing partner Charles Wong will join the ION Mobility board alongside existing board members James Chan and Ting Feng Toh.

ION Mobility is in the process of commissioning its 1,175 square metre EV motorbike and battery pack assembly operations at LaunchPad@ one-north in Singapore by the end of this year, and intends to expand its EV motorbike assembly operations into Jakarta come 2022.

Founded in 2019, ION Mobility aims to lead the region’s transition towards a low-carbon economy with electric and electric mobility products for consumers across Southeast Asia.

In April, MVLLABS Pte Ltd, the company behind the zero-commission, blockchain-based ride-hailing service TADA, raised $15 million in a Series B round led by the South Korean automotive parts manufacturer CENTRAL.

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.