Electric Scooter service Neuron raises US$43.5M in series B to fuel international expansion

Electric Scooter hire company Neuron is one we’ve covered for a while with trials of their service spreading across Australia. Recently I wrote about their offering during the Melbourne Grand Prix.

The company has big ambitions and today announced a successfully Series B investment round worth US$43.5 million. This brings the total capital raised to an impressive USD$77.7 million.

Co-led by global venture firms GSR Ventures and Square Peg the investment round also included Singapore’s EDBI, a global Asia-based investor.

Neuron plans on using the new money to fuel international expansion.

Since their last funding round 19 months ago, the company has more than tripled its global operations, expanding the fleet to service 26 cities. Often when electric scooter services are launched, they are done so under a trial and in a demonstration that the service is working well, all existing city permits were successfully renewed.

In Australia, Neuron says they are in a leading position in the micromobility sector. After recent launches in Melbourne, Hobart, Launceston, Perth, and Sydney, Neuron now operates in every Australian capital city, bringing the total number of operational cities in Australia to 14.

Other accolades include new country launches in South Korea and the UK, where they also became the fastest-growing e-scooter operator in Canada after launching in five cities including Calgary and Ottawa.

On the technology front, the investment will fund the design and manufacture of safety-first e-scooters, as well as the development and rollout of a range of innovative technology at scale. This vertically-integrated approach – which differs from most other shared micromobility companies, is designed to enable the company to be agile with updates to vehicles to perform better and last longer. 

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Jason Cartwright
Jason Cartwrighthttp://techau.com.au/author/jason/
Creator of techAU, Jason has spent the dozen+ years covering technology in Australia and around the world. Bringing a background in multimedia and passion for technology to the job, Cartwright delivers detailed product reviews, event coverage and industry news on a daily basis. Disclaimer: Tesla Shareholder from 20/01/2021

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