Scorpio Electric, which manufactures electric motorcycles, on Thursday said it has secured $6.75 million in a funding round led by Singapore-based luxury auto brand EuroSports Global.
The latest round brings Scorpio Electric’s valuation to $150 million.
The startup said it will commence mass production and global delivery of its motorbike – Scorpio Electric X1 – in the second half of 2023. Scorpio Electric X1 is the company’s first electric motorcycle, which is under development and testing.
Scorpio Electric said the fresh funds will be used to manufacture the first batch of X1 preproduction prototypes. The company will also allocate funds to develop new premium electric motorcycle models and variants.
EuroSports Global was also the lead investor in Scorpio Electric’s seed round in 2018, where it raised $1.5 million. Founded in 2017, the startup raised $6.3 million in its series A round in 2020. With its latest funding, Scorpio Electric has raised over $16.35 million to date.
“The pandemic presented our business with plenty of hurdles. It was a contributing factor to our new production timelines. Moving into 2023, international travel has reopened and we are working closely with a Chinese conglomerate to assemble the X1,” said Joshua Goh, CEO, Scorpio Electric, in a statement.
With a conducive regulatory environment and government initiatives like The Singapore Green Plan 2030, the country has seen dozens of e-vehicle startups mushroom with backing from investors like Sequoia Capital and Square Peg Capital.
Last year, Beam raised as much as $93 million in its Series B round, while Neuron Mobility raised $43.5 million in its Series B. Neuron Mobility and Beam have since launched e-scooters and smaller e-bikes but there aren’t many players in the large e-motorbike segment. Singapore-based e-motorbike startup Ion Mobility launched in Indonesia first before Singapore.