Roehl Niño Bautista · · 1 min read🇻🇳 EV bike maker bags $2.1m in seed funding
Vietnam-based Selex Motors, a manufacturer of smart electric motorcycles, has secured US$2.1 million in a seed round led by Touchstone Partners. Investors such as ADB Ventures and Nextrans also joined the fundraise.
Selex Motors co-founders (from left) Quang Nguyen, Hai Nguyen, and Nguyen Nguyen / Photo credit: Selex Motors
Aside from producing e-motorcycles, Selex is creating an e-bike ecosystem that includes batteries and battery-swapping systems. Its products try to address pain points in logistics, transportation, fuel consumption, and battery swapping flexibility.
The startup’s fresh raise will fund its new factory in Hanoi, boosting its research and development capabilities, and support its first deployment of products to early buyers.
The global e-bike sector is expected to hit US$42 billion in value by 2026, according to Market Study Report.
Selex was founded by CEO Nguyen Nguyen, chief mechanical engineer Hai Nguyen, and deputy director Quang Nguyen in 2018.
See also: Series SEA: Who’s investing in the region’s logistics and transportation startups
Editing by Collin Furtado and Eileen C. Ang
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
