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E-scooter company Neuron Mobility notches USD 12 million from Australia’s Square Peg, GSR Ventures

Written by Ursula Florene Published on 

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The scooter-sharing firm is looking to expand into five more cities within the next 12 months.

Singapore-headquartered Neuron Mobility, which operates a fleet of rentable scooters, announced today that it received USD 12 million in a Series A+ round co-led by Australian venture capital firm Square Peg and GSR Ventures.

This brings the company’s total Series A funding to USD 30.5 million. Neuron plans to use the fresh funds for expansion, especially in Australia and New Zealand, which serve as its main markets.

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Founded in Singapore in 2016, Neuron runs an e-scooter rental platform and a fleet of 4,000 e-scooters. The company says it works closely with city councils on drivable areas, providing authorities features to implement slow, no-go, and parking zones. The scooters are equipped with swappable batteries that can travel up to 60 kilometers on a single charge.

With international and interstate travel restrictions still in place due to the ongoing COVID-19 pandemic, local travel has seen an uptick. Neuron’s CEO, Zachary Wang, highlighted that e-scooters are a fitting option for short-distance tourism.

“Cities are increasingly open to micro-mobility—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,” he said in a statement.

Wang added that in Australia and New Zealand, the company saw an increase in average e-scooter trip distance by 23% to 2.6 kilometers, and average trip duration by 10% to more than 14 minutes.

Neuron is available in nine locations across Australia and New Zealand, and plans to add at least five new cities within the next 12 months.

Prior to this, the company received USD 18.5 million in a Series A round from GSR Ventures and Square Peg.

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