SHARES Singapore-based electric motorbike start-up ION Mobility has raised US$3.3 million in seed funding to launch its product in Indonesia by 2021 and expand its operations in Southeast Asia.
The funding was provided by Monk’s Hill Ventures, TNB Aura, Village Global and 500 Startups’ Southeast Asia-focused fund, 500 Durians, among others.
“We are excited to be supporting ION Mobility in bringing a home-grown mainstream electric motorbike offering to the market, starting with Indonesia,” TNB cofounder and managing partner Aura Charles Wong wrote in a statement released on Friday.
ION Mobility cofounder and CEO James Chan said the company would focus on Indonesia with the launch of its first product in the country, as it had one of the biggest motorcycle markets in the world.
Last year, 6.38 million motorcycles were sold in the country. The company also planned to expand its team and operations across Singapore, Jakarta and Shenzhen, develop its in-house research and development capabilities and build up its supply chain and manufacturing partnerships.
Southeast Asia represents 8 percent of the world population but 25 percent of global motorcycle demand. The market for the motorbike industry in Southeast Asia is expected to hit $8.53 billion by 2023. “There is no proven electric vehicle (EV) motorbike brand in Southeast Asia with products that can compel motorbike riders to join the inevitable electric revolution,” Chan said.
“We are committed to offering riders across Southeast Asia superior alternatives to their petrol-based motorbikes with our next-generation, smart and connected electric motorbikes that are clean, aspirational and affordable.”
Monk’s Hill Ventures cofounder and managing partner Kuo-Yi Lim said that Southeast Asia had one of the largest and fastest-growing number of motorbike users in the world with a growing appetite for affordable and cleaner motorbikes.
“We are excited to be working with the company in creating the next iconic start-up to emerge from Southeast Asia,” he said. (eyc)