SG’s SWAT raises $10.1m Series A led by University of Tokyo Edge Capital

Singapore-based mobility startup Ministry of Movement, also known as SWAT, has raised $10.1 million in its Series A funding led by the University of Tokyo Edge Capital (CTEC).

The round was joined by SMRT Momentum Ventures, ComfortDelGro Ventures, Singapore Economic Development Board (EDB) New Ventures, EDB Investments and LKJ Capital Japan.

SWAT’s pre-Series A investors iGlobe Platinum Fund II and the Goldbell Group family office also re-upped in this round.

According to a statement, SWAT will use the capital to expand into new markets like Japan, China, Indonesia and the Philippines by the first half of 2020. It will also look into boosting its internal technology, data and engineering teams to support the growth of its operations.

Founded in September 2015, SWAT offers on-demand bus services for employee transport and first/last mile connectivity. These rides serve various types of travel needs such as corporate transportation in industrial parks, overnight shift workers and non-emergency medical transport.

“SWAT is focused on providing efficient transport for commuters through ride pooling in high-capacity vehicles. We see a need for such shared transport, especially in areas where the transport system has not caught up with rapid urbanization and have high population density. Our solutions are designed to improve connectivity and reduce congestion within cities,” said Jarrold Ong, co-founder and CEO of SWAT.

These rides are understood to be more logistically complex than ride-sharing arrangements offered by mobility startups like Grab and Gojek. Passenger volumes are typically larger, and can involve picking and sending as many as 1,600 passengers directly between their homes and workplaces.

“We are impressed by what the team has achieved to date in the urban mobility and employee transport space, and look forward to helping SWAT bring its technology and service to more areas. Japan especially is ready for this change,” said Ted Yamamoto, Partner and Board Director, UTEC.

According to SWAT, the company has completed more than 350 million routes, of which 540,000 are dynamically routed rides for its commuters. It is currently headquartered in Singapore, with operations in Australia, Vietnam and Indonesia.

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.