Singapore-headquartered electric scooter startup Neuron Mobility has raised $12 million in a Series A+ funding round co-led by returning Australian venture capital firm Square Peg, and GSR Ventures, according to an announcement.
This new round brings the company’s total Series A funding to $30.5 million. Last December, Neuron Mobility raised $18.5 million in its Series A round.
The company said that the fresh capital will help it strengthen its operations in the Asia Pacific region and beyond. Neuron intends to launch in five new cities in Australia and New Zealand over the next 12 months and the investment will create around 400 jobs in the region.
“Cities across the world are rethinking their transport systems and increasingly people are looking for a safe, inexpensive and socially-distanced way to travel post COVID-19. This presents a great opportunity for micromobility providers. Our experience of operating in Australia and New Zealand, combined with fresh funding, will help us accelerate our growth across the region and beyond,” said Zachary Wang, CEO at Neuron Mobility.
Founded in Singapore in 2016, Neuron is one of the leading e-scooter operators in Australia and New Zealand.
Since the last funding round in December 2019, Neuron has launched its services in eight cities in Australia and New Zealand and has announced its entry into the UK. Currently, it operates a fleet of 4,000 e-scooters with 400,000 Australian and New Zealand riders.
Outside the region, the company has announced its launch in Slough, the first UK location among others it plans to tap.
GSR Ventures is a global venture capital firm founded in 2004 with $3 billion under management that invests in early-stage technology companies. It was the first institutional investor in ride-sharing giant Didi.
Meanwhile, Square Peg is a venture capital fund that invests in Australia, Israel and Southeast Asia with a focus on Series A & B rounds. It manages over $1 billion of committed capital. Square Peg’s global portfolio of over 35 technology companies includes the likes of Canva, PropertyGuru, Stripe and Fiverr.