Singapore-founded e-scooter and e-bike operator Neuron Mobility, announced that it successfully raised $43.5 million in Series B funding, co-anchored by global venture firms GSR Ventures and Square Peg.
The fresh capital will fuel Neuron’s unique international expansion strategy, which is laser-focused on winning highly prized competitive tenders, according to the announcement.
Increasingly, cities are choosing to limit the number of micromobility operators by awarding long-term contracts to the best operators which prioritize managing e-scooters and e-bikes in a sustainable and responsible way. This suits Neuron’s willingness to partner with cities and is far more predictable, with higher vehicle-use rates, than operating in less-regulated ‘free-for-all’ markets with low, or no, barriers to entry.
The funding will also allow the company to continue to design and manufacture their own safety-first e-scooters, as well as develop and roll out a range of innovative technology at scale. This vertically integrated approach – which differs from most other shared micromobility companies – allows Neuron to innovate quicker and more efficiently. Continuous operational data and feedback enables the company to adapt and update their vehicles quickly to perform better and last longer.
This provides the company with a competitive advantage as more cities across the world look to select only the best and most innovative micromobility providers.
Since Neuron’s last funding round 19 months ago, the company has more than tripled its operations, growing from seven cities in September 2020 to 26 cities today. Neuron launched in Canada in May 2021 and has since gained permits to operate in over 30 per cent of all available cities to become the fastest-growing e-scooter operator in the country. To date, the company has secured permits in five Canadian cities, including Ottawa, Calgary, Red Deer, Lethbridge, and Vernon.
In Australia, Neuron has solidified its position as the country’s leading micromobility operator and the company has won every competitive tender it has participated in, bringing their total number of operational cities in Australia to 14. The company also increased its global footprint with city launches in the United Kingdom and South Korea.