Singapore-based smart electric motorbike startup ION Mobility has raised US$3.3 million in seed funding according to a statement released by an investor. Investors participating in the seed funding round include Monk’s Hill Ventures, TNB Aura and Village Global.
Southeast Asian unit of 500 Startups, 500 Durians together with AngelCentral syndicate, kipleX and Seeds Capital also joined the round.
The fresh capital inflow will enhance the startup’s target of expanding operations in Southeast Asia. Part of the capital will also go into research and development, and also optimize supply chain and manufacturing capabilities of the startup.
ION Mobility plans is to convert the 200-plus million motorcycle users in Southeast Asia from petrol to electric to drive a sustainable future.
“There is no proven EV motorbike brand in Southeast Asia with products that can compel motorbike riders to join the inevitable electric revolution,” ION Mobility Co-founder and CEO James Chan said: “We are committed to offering riders across Southeast Asia superior alternatives to their petrol-based motorbikes with our next- generation, smart and connected electric motorbikes that are clean, aspirational and affordable.”
“We at TNB Aura believe that the emergence of a local OEM champion is both necessary and imminent, with Southeast Asia representing 8 per cent of the world population yet 25 per cent of global motorbike demand. We are excited to be supporting strong repeat entrepreneurs James and Joel in bringing a home-grown mainstream EV motorbike offering to the market, starting with Indonesia,” said Charles Wong, Co-founder and Managing Partner of TNB Aura.