Urban mobility startup WeMo raises $15m from AppWorks to boost SE Asia expansion

Taiwan-based WeMo Corp, a pioneer in urban mobility technologies, today announced raising $15 million in its Series A+ funding round led by AppWorks, with participation from Taiwan National Development Fund.

With this round of financing, WeMo plans to expand its service to Southeast Asia, with an emphasis on Indonesia and Thailand.

In anticipation of rapidly growing demand for electric vehicles and alternative transportation solutions, the company is building partnerships with governments, investors, businesses, and transportation providers throughout Southeast Asia to offer green transportation and fleet management services to support the region’s transition to zero emission.

With its mission to reduce dependency on privately-owned vehicles and decrease carbon emissions, WeMo has amassed a user base of over a million members in its seven years of smart vehicle operations and has gained a dominant position in the Taiwan market.

The company has made dramatic adjustments throughout the pandemic to meet ever-changing consumer needs, and positioning itself for long-term growth, including investments in product and technology that are intended to help governments, businesses, and communities embrace more sustainable ways of transportation and living.

In 2022, WeMo launched a number of new products and services based on emerging consumer demand following Taiwan’s reopening, including: WeMo RenTour, which offers app-based rentals for electric cars, scooters, and bicycles; and WeMo PASS, offering free and discounted rides of electric scooters and other benefits on a subscription basis.

Revenue has returned to pre-pandemic levels, recording double-digit growth. The company anticipates accelerated growth over the next few years, building off increasing demand for shared transportation, electrification, fleet management, and resumption of normal economic activity.

In addition to its convenient roadside rent-and-return services, WeMo offers a comprehensive Mobility-as-a-Service platform with a focus on fleet and operations management under one integrated system, which intimately aligns with global market urbanization demand and greenification trends.

With WeMo’s modular, efficient, and all-in-one tool “Smart Mobility Center,” fleet operators are able to gain access to historical and real-time data, accurate forecasting, and analytics to improve fleet management. Data and module specifications can be customized to each operator’s region, vehicle type or other needs to help achieve sustainability goals and seamlessly manage vehicle fleets.

With its proven track record in smart transportation and fleet management, WeMo is working with partners in Southeast Asia and around the world to realize net zero carbon emission transportation.