Singapore EV maker secures $18.7m series A top up

Photo credit: Ion Mobility

Ion Mobility, a Singapore-based maker of electric vehicles, has raised US$18.7 million in series A funding, bringing TVS Motor Company on board as a strategic investor.

TVS Motor, which invested through its Singapore subsidiary, will provide Ion Mobility with the know-how to conquer the Singapore and Indonesia e-bike markets.

Michael Sampoerna, a scion of the family that owns Indonesia’s largest tobacco company, also joined the round, along with Ng Ho Sen, Ion Mobility’s chief manufacturing officer, and AC Ventures Malaysia.

Founded in 2019, Ion Mobility aims to create sustainable and affordable motorbikes for Southeast Asians.

In November 2022, the company launched its M1-S electric scooter in Jakarta and inked a deal to help expand the charging network of state-owned grid operator Perusahaan Listrik Negara.

Ion Mobility plans to inject the new capital into its Indonesian operations to make new hires and bolster its operations.

See also: Bringing electric motorbikes to Southeast Asia’s masses

“We are excited to draw upon TVS Motor’s decades of global expertise in two-wheelers to accelerate our Mobius M1-S production readiness, as well as the design and development of other models,” James Chan, Ion Mobility founder and CEO, said in a release.

Other investors in the round are:

• TNB Aura
• Quest Ventures
• Monk’s Hill Ventures
• Village Global
• GDP Venture
• Seeds Capital