The funds will help the company to explore the international market
The Singaporean Neuron Mobility has received $18.5 million in a fresh round of financing. The money will be used to leverage its e-scooter in different international markets. The fresh funding will also help as the new rigid regulatory policies are in effect since November. The Series A round of funding was led by GSR Ventures. The venture capital firm also an institutional investor in DiDi Chuxing and Australian venture capital firm Square Peg.
This round of financing also saw participation from SeedPlus and SEEDS Capital. The mobility company which is barely three years old has raised around $23.5 million to date. The company started its business from Singapore with its e-scooters on a rental basis. It has quickly expanded its footprint in some major cities of Malaysia, Thailand, Australia, and New Zealand.
The e-scooter service is quite economical
Neuron is availing economical e-scooters in every market it is in. In the city of Brisbane, Australia, people can rent the e-scooter by just paying 1.38 Australian Dollars for one minute of the ride. The e-scooter can catch up with the speed up to 25 km/hr. The scooter is designed in such a way that it automatically slowdown in places such as schools and hospitals.
The statement issued by Square Peg’s Tushar Roy pointed out the culture of collaboration with cities permeates through Neuron. The structure of the business that is now prevailing is built by consulting the local authorities. Through this collaboration, the mobility company is able to bring a safe and sustainable transit solution to the city.
The e-scooters of Neuron can go up to 60 kilometers with a single charge and are equipped with batteries that can be changed. The customer can pick up and drop the scooter at any nearby parking lot.