Neuron Mobility, the Singapore-based e-scooter sharing startup has announced picking $18.5 million in Series A financing led by GSR Ventures and Square Peg. The investment round also saw participation from the existing backers, Seedplus and Enterprise Singapore's investment arm SEEDS Capital.
Prior to this round, the firm had raised $3.7 million capital in seed financing where the backers were SCB Capital, ACE Capital, SeedPlys, Siri Ventures, and others. The current infusion takes the total amount raised by the firm to $22.3 million, as per Crunchbase.
Founded in 2016 by Zachary Wang, the platform operates an eponymous e-scooter rental platform. The company started its operation in Singapore first but has expanded itself to cities in Malaysia, Thailand, Australia, and New Zealand.
Zachary Wang, the CEO of the firm talking about the micro-mobility services said that “The world is on an irreversible trend to adopt micro-mobility services into cities of all kinds and sizes in the coming years. But it is not a standalone solution to transportation gaps. Successful implementation of scooter-sharing programs can only happen when there is a strong partnership between local governments and technology providers.”
GSR Ventures' co-founder and managing director Richard Lim commenting on the financing in Neuron Mobility said that “The company’s technology-first approach to addressing local transport needs was refreshing and compelling. It presents the opportunity for them to become a global gamechanger, and we are excited to embark on the journey of revolutionizing urban transport together.”
It will be interesting to see how the firm utilizes freshly raised capital and enter new territories.
Image Courtesy : Neuron