Singapore EV maker charges up with $6.8m seed funding

Ion Mobility, a Singapore-based electric vehicle maker, has raised US$6.8 million in a seed round co-led by Quest Ventures and TNB Aura.

GDP Venture, Monk’s Hill Ventures, Seeds Capital, and 500 Southeast Asia also participated in the round along with venture capitalist Alice Hung, Ion Mobility founder and CEO James Chan, and the company’s CTO Calvin Cheng.

Photo credit: Ion Mobility

Founded in 2019, Ion Mobility is a smart electric motorbike company that designs and builds products for sustainable mobility. It is preparing to unveil its smart electric motorbike later this year.

With the fresh capital, the startup aims to set up its manufacturing operations in Singapore and Indonesia in preparation to launch in those markets.

Ion Mobility is in the process of commissioning assembly operations for electric motorbikes and battery packs in Singapore. It is on track to unveil its electric two-wheeler by the end of the year. It also plans to expand its motorbike assembly operations and take its product into Jakarta in 2022.

As part of the seed round, Quest Ventures managing partner James Tan and TNB Aura managing partner Charles Wong will join the Ion Mobility board.

“As an early investor in Ion Mobility, we are excited to bring to market a home-grown, best-in-class alternative to petrol-based motorbikes,” said Wong.

Update (Oct. 14, 9:50 p.m. SGT): This article was updated to change the investor name 500 Durians to 500 Southeast Asia.