KipleX makes maiden funding in ION Mobility
- Singapore-based startup to make good electrical motorbikes for SEA
- Hopes to include Inexperienced Packet options into motorcycle as nicely
KipleX, the brand new enterprise arm of Inexperienced Packet Bhd established to help native and regional entrepreneurs and startups in creating revolutionary options and enterprise plans, has made its maiden funding in Singapore-based good electrical motorcycle firm, ION Mobility which introduced on Oct 16 that it has raised US$3.3 million in seed funding.
Different notable traders embrace non-public and authorities institutional funds in addition to company and angel traders comparable to Monk’s Hill Ventures, TNB Aura, Village International, 500 Durians, AngelCentral syndicate, and Seeds Capital. The funding shall be used to launch its electrical motorbikes in Southeast Asia (SEA), broaden market presence and develop its R&D, provide chain and manufacturing capabilities.
“There isn’t any confirmed EV motorcycle model in Southeast Asia with merchandise that may compel motorcycle riders to hitch the inevitable electrical revolution,” ION Mobility, cofounder and CEO James Chan mentioned. “We’re dedicated to supply riders throughout Southeast Asia superior alternate options to their petrol-based motorbikes with our next-generation, good and related electrical motorbikes which might be clear, aspirational and reasonably priced.”
ION Mobility cofounders James and Chief Working Officer Joel Chang have a powerful observe report in constructing and scaling tech corporations in SEA. Previous to ION, James was a enterprise capitalist and entrepreneur at Neoteny Labs, Silicon Straits and Wecash. Joel, an automotive business veteran, based Scorpio Electrical and beforehand led a BMW vendor group’s institution and enlargement throughout Asia.
“The market alternative for the motorcycle business in Southeast Asia is anticipated to hit US$8.53 billion (RM35.4 billion) by 2023. The whole addressable market is over 200 million petrol bikes that may be transformed to electrical to create a extra sustainable future. ION Mobility will concentrate on Indonesia, which has one of many largest motorcycle markets globally, with 2019 motorbike gross sales at 6.38 million models a yr,” says Andrew Tan (pic, proper), KipleX CEO. SEA as a area makes up 25% of world motorcycle demand, regardless of having 8% of world inhabitants.
ION Mobility plans to launch its first good electrical motorcycle in Indonesia in 2021 and Malaysia quickly after that. As well as, the corporate is about to broaden its crew and operations throughout Singapore, Jakarta and Shenzhen, develop its in-house analysis and improvement capabilities, and construct up its provide chain and manufacturing partnerships.
“The scale of the marketplace for a wise electrical motorcycle in Southeast Asia is large. As well as, we might have the chance to work with ION Mobility to probably incorporate Inexperienced Packet’s digital options to worth add to the product. Therefore, we’re assured that our funding will yield excessive return on funding whereas additionally establishing product synergy with our suite of digital improvements. We’ll put the ‘good’ into the electrical motorcycle,” Andrew says.
Andrew’s enthusiasm over ION Mobility’s prospects is shared by Monk’s Hill Ventures cofounder and managing companion Kuo-Yi Lim who notes that SEA is among the largest and fastest-growing motorcycle consumer base on the earth with a rising urge for food for reasonably priced and cleaner motorbikes. “We’re excited to be working with them in creating the subsequent iconic startup to emerge from Southeast Asia.”