E-SCOOTER rental operator Neuron Mobility has secured US$12 million in an extended Series A investment led by existing investors Square Peg Capital and GSR Ventures.
With the latest injection, the Singapore-headquartered company has raised US$30.5 million in Series A funding to date.
According to intelligence platform VentureCap Insights, Neuron is valued at US$47.2 million, after raising US$18.4 million via the issue of new shares between late February and early March. Besides Square Peg and GSR, other investors included Seeds Capital and entities IoTplus Singapore Pte Ltd and AC S418 Pte Ltd.
The issue price of the latest class of shares ranged between US$6.83 and US$9.11. According to VentureCap, Neuron's Series A round - between late 2018 and early 2019 - had previously valued it at US$14.8 million.
Neuron plans to use the fresh capital to accelerate its expansion in Australia and New Zealand. It currently operates in nine cities across both countries, including Adelaide, Brisbane, Darwin, Canberra, Townsville and Auckland.
Over the next year, Neuron, which has a fleet of 4,000 e-scooters, plans to expand to five at least more cities in the region. The startup says that this will create around 400 jobs, split between Australia and New Zealand, as well as its Singapore headquarters.
Outside the Asia-Pacific, Neuron is debuting in the UK with a launch in the town of Slough. It plans to operate in more locations before the end of the year.
Zachary Wang, Neuron Mobility's chief executive, sees the Covid-19 pandemic as a tailwind for the e-scooter segment.
"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," he said.
Square Peg partner Tushar Roy added that Neuron "continues to create new technology solutions to address the transport challenges of individual cities, and they work closely with councils to implement them in a way that drives better outcomes for the public".