Singapore e-scooter firm Neuron bags $12m series A+ money to expand internationally

Neuron Mobility, a Singapore-based e-scooter operator, announced that it has raised US$12 million in a series A+ funding round led by Australian tech-focused VC firm Square Peg, along with GSR Ventures, bringing its total series A funding to US$30.5 million.

Photo credit: Neuron

The company plans to use the fresh funds to accelerate international expansion, particularly in Australia and New Zealand, according to a statement.

Founded in 2016, Neuron said its e-scooters feature interchangeable batteries, geofencing capabilities, and an app-controlled “Helmet Lock” function, which fastens a helmet to the e-scooters between trips, among others.

It’s up against rivals in the space such as Singapore’s Beam, which raised US$26 million in a series A funding round led by Sequoia India and Hana Ventures in June, and Quest Ventures-backed Telepod.

“Cities across the world are rethinking their transport systems, and increasingly, people are looking for a safe, inexpensive, and socially-distanced way to travel post-Covid-19. This presents a great opportunity for micromobility providers,” said Neuron Mobility CEO Zachary Wang.

Before pandemic lockdowns were put in place in Australia, one in five users had never ridden an e-scooter before, Neuron reported. Since then, the company claims that riders in both Australia and New Zealand have increased their average e-scooter trip distance by 23% to 2.6 kilometers, while the average duration has risen by 10% to more than 14 minutes

How much traction has it gotten? Neuron is currently operating a fleet of 4,000 e-scooters and serves 400,000 riders in nine locations across Australia and New Zealand. These include cities like Adelaide, Brisbane, Darwin, Canberra, Townsville, and Auckland.

What are its future plans? The company aims to further expand into at least five new cities across the region in the next 12 months, which it said would create around 400 jobs in Australia, New Zealand, and Singapore.

What is its funding history?

• Series A round (2019): US$18.5 million led by GSR Ventures and Square Peg, along with Seedplus and Seeds Capital
• Seed round (2018): US$3.66 million led by SeedPlus, with participation from 500 Startups, Ace Capital, Seeds Capital, as well as several “prominent angel investors and family offices”