Neuron Mobility, a Singapore-based e-scooter rental startup, announced that it has added $12 million to its Series A. The round received participation from Square Peg, an Australian venture capital firm and GSR Ventures, this increases the round’s new total to $30.5 million.
The company, which operates in Australia and New Zealand in addition to Southeast Asian markets, first announced its Series A in December 2019.
Neuron Mobility’s growth plans hinges on the increased adoption of electric scooters and bikes during the COVID-19 pandemic. Many people are using their cars less frequently because they are working remotely or there are movement restrictions where they live. When they do go out, electric bikes and scooters offer an alternative to public transportation and ride-hailing services for short trips.
Neuron Mobility’s chief executive Zachary Wang said the company raised a Series A+ instead of moving onto a Series B because more cities are “opening up to the possibility of micromobility, particularly rental e-scooters as they present an individual transport option that takes pressure off public transport and allows people to continue social distancing.”
“We’ve been experiencing tremendous growth in ANZ and the pandemic has made us fast track our plans,” he added.
Though Neuron Mobility currently does not operate in other Southeast Asian countries besides Singapore, Wang said it is “constantly evaluating opportunities across APAC.”
The new funding will be used to speed up Neuron Mobility’s expansion plans in Australia and New Zealand, where it claims to be the leading electric scooter rental operator.