Singapore: Temasek backs $300m Series C in Taiwanese e-scooter maker Gogoro

An employee walks past a sign for Temasek Holdings Pte at the company's offices in Singapore, on Tuesday, Aug. 25, 2009. Temasek Holdings Pte, Singapore's state-owned investment fund, said it will focus on being an active investor as it increases holdings in overseas companies. Photographer: Munshi Ahmed/Bloomberg

Temasek Holdings, Singapore’s state investor, has backed a $300 million Series C investment in Taiwanese electric scooter manufacturer Gogoro. Other participants in the round are Generation Investment Management, Sumitomo Corporation and ENGIE, as well as existing investors Dr. Samuel Yin, chairman of Ruentex Group, Panasonic and others.

“One of the greatest challenges of our time is transitioning our cities to a smarter and more sustainable energy and transportation infrastructure. Gogoro provides a new approach for cities to embrace sustainable energy through a smart connected infrastructure and battery swapping system that has demonstrated success across Taiwan and Berlin,” said Horace Luke, co-founder and CEO of Gogoro.

The company offers its scooters in Europe for rental on a short-term basis, in the cities of Berlin and Paris; it provides 1600 scooters for the on-demand sharing service of Coup, which is a subsidiary of Bosch.

According to the firm, it has sold more than 34,000 Gogoro Smartscooter EVs and facilitated nearly 100 million km being ridden via its on-demand service. It claims that its scooter is the world’s first high-performance, smart electric two-wheel vehicle. It utilises the Gogoro Energy Network, an advanced battery-swapping infrastructure for consumers.

Speaking on the investment, Colin le Duc, founding partner and co-head of the Growth Equity strategy for Generation Investment Management, stated: “Cities worldwide are demanding new and sustainable approaches to personal transportation. Under the leadership of its seasoned management team, Gogoro is proving that its scooters and energy platform are an attractive solution for cities, consumers, and businesses.”

“Gogoro is poised for strong growth. We believe its exciting brand and visionary business model will play a critical role in driving the electrification of mobility across South East Asia.”

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