[Funding Alert] ION Mobility Raises USD 3.3 Million Seed Round To Launch Smart Electric Motorbikes
Funding will be used to launch electric motorbikes in Southeast Asia, expand market presence and develop its R&D supply chain and manufacturing capabilities
ION Mobility has raised USD 3.3 million in seed funding. Notable investors in the round include Monk’s Hill Ventures, TNB Aura, Village Global, kipleX and Seeds Capital.
“There is no proven EV (electric vehicle) motorbike brand in Southeast Asia with products that can compel motorbike riders to join the inevitable electric revolution,” co-founder and Chief Executive Officer James 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.”
“Southeast Asia has one of the largest and fastest growing numbers of motorbike users in the world. With a rising middle class and newer generation of riders craving for affordable, cleaner and relatable motorbikes, ION Mobility is poised to combine technical performance, modern design, and mobile connectivity to the masses. We are excited to be working with James and Joel - representing a rare combination of technical, domain and market know-how - in creating the next iconic startup to emerge from Southeast Asia,” said Monk’s Hill Ventures co-founder and managing partner Kuo-Yi Lim.
The market opportunity for the motorbike industry in Southeast Asia is expected to hit USD 8.53 billion by 2023. The establishment enters the market focusing on Indonesia which has one of the biggest motorbike markets globally, with 2019 motorcycle sales in Indonesia at 6.38 million units a year. It plans to launch its first EV motorbike in Indonesia in 2021. In addition, the company is set 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.
"We at TNB Aura believe that the emergence of a local OEM (original equipment manufacturer) champion is both necessary and imminent, with Southeast Asia representing 8 per cent of the world population yet 25 per cent of global motorbike demand. We are excited to be supporting strong repeat entrepreneurs James and Joel in bringing a home-grown mainstream EV motorbike offering to the market, starting with Indonesia. Through pushing the boundaries of advanced manufacturing and design, we believe the ION Mobility team is uniquely positioned to take on this enormous opportunity," commented TNB Aura co-founder and managing partner Charles Wong.
The company aims to convert over 200 million motorcycle users in Southeast Asia from petrol to electric to drive a sustainable future.