Wednesday, 30 September 2020 10:53

Neuron Mobility completes $17 million capital raising to boost Australian expansion plans Featured

Neuron Mobility co-founders Zachary Wang, left, and Harry Yu, right, with Square Peg partner Tushar Roy Neuron Mobility co-founders Zachary Wang, left, and Harry Yu, right, with Square Peg partner Tushar Roy

Singapore based e-scooter provider Neuron Mobility has raised a further $17 million (US$12m) in investment led by Australian venture capital firm, Square Peg, along with US cross-border fund GSR Ventures, bringing the company’s total Series A funding to A$43.2 million.

In December last year Neuron announced it had attracted investment of US$18.5 million from Square Peg and GSR Ventures, with existing investors Seedplus and SEEDS Capital also contributing.

Neuron said on Wednesday that the latest fresh capital injection puts the company in a “strong position to accelerate expansion in Australia post-COVID-19, and to maintain industry leadership when it comes to innovation and safety”.

Neuron has partnered with councils across Australia to operate in eight locations including Adelaide, Brisbane, Darwin, Canberra and Townsville, and says it aims to build on this further by expanding into at least five new cities across the region within the next 12 months.

Against the backdrop of COVID-19, cities and consumers across the world are realising the potential of e-scooters as a safe, convenient and socially-distanced transport option,” Neuron said in its statement n Wednesday.

“With international and interstate travel restrictions still in place, Australians are traveling locally more than ever before and in many cities e-scooters are providing a boost for the local economy.

“During the COVID-19 lockdown in Australia, Neuron reported that one in five users had never ridden an e-scooter before, and since then many have actively chosen to change their travel habits. Increasingly concerned with social distancing, Australian and New Zealand riders have increased their average e-scooter trip distance by 23% to 2.6km, while the average duration has risen by 10% to more than 14 minutes,” Neuron said.

Outside of the Australian region, the company has announced a launch in Slough, the first UK location amongst a number that it says it will be operating in before the end of the year.

Zachary Wang, Neuron Mobility’s CEO, said: “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, combined with fresh funding, will help us accelerate our growth across the region and beyond.

“Our approach has always been to partner with cities and to adapt to meet their needs - this has led to quite a few world firsts and innovations. We strive to lead the industry when it comes to safety and sustainable operations and have a whole host of exciting new features in the pipeline that we’ll be rolling out soon.”

“Cities are increasingly open to micromobility -- in the last two weeks we have opened in Canberra and Townsville in Australia, and have announced our first location in the UK -- the time is right to export our know-how to new cities across the globe.”

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Peter Dinham

Peter Dinham - retired and is a "volunteer" writer for iTWire. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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