Singapore-based electric vehicle maker ION Mobility has raised a total of $6.8 million in a seed funding round co-led by Quest Ventures and TNB Aura, according to a company announcement.
Other investors including GDP Venture, Monk’s Hill Ventures, Seeds Capital, and 500 Southeast Asia (formerly 500 Durians) also participated in the round along with venture capitalist Alice Hung, ION Mobility founder and CEO James Chan, and the company’s CTO Calvin Cheng.
The company had announced raising $3.3 million in the fourth quarter last year. It has now raised $3.5 million in an extended round.
“There is a growing sense of excitement and momentum in Southeast Asia around electric motorbikes and how they can transform not just the way people move around cities, but also their impact on the environment and the economy,” said founder and CEO James Chan.
As part of this round, Quest Ventures managing partner James Tan and TNB Aura managing partner Charles Wong will join the ION Mobility board alongside existing board members James Chan and Ting Feng Toh.