SG e-scooter firm raises $43.5m to charge up expansion plans

Neuron Mobility, an e-scooter startup based in Singapore, has raised US$43.5 million in its series B financing led by GSR Ventures and Square Peg, with EDBI joining the round as well.

Photo credit: Neuron Mobility

The latest investment, which pushes the company’s total funding to US$77.7 million, will be used to further develop its tech, manufacture more e-scooters, and fuel its global expansion plans, which will focus on winning city tenders to operate long-term micromobility programs.

Neuron Mobility aims to partner with cities with higher vehicle use rates rather than operating in less-regulated markets with low, or no, barriers to entry. The company said that since its last funding round, it has more than tripled its operations, growing from seven cities in September 2020 to 26 cities today.

After recent rollouts in Melbourne, Hobart, Launceston, Perth, and Sydney, Neuron Mobility now operates in 14 cities in Australia. The company also launched its service in the UK and South Korea, and it has gained permits to operate in over 30% of all cities in Canada.

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“Cities are shifting to a more regulated way of managing shared micromobility, increasingly selecting the best one or two operators before awarding them long-term contracts,” said Zachary Wang, CEO of Neuron Mobility. “This fully validates our strategy, and the strong foundations we have built in Australia, New Zealand, Canada, and the UK give us a great springboard to scale globally.”