PETALING JAYA: KipleX, the new venture studio of Green Packet Bhd established to support local and regional entrepreneurs and startups in creating innovative solutions and business plans, accelerating growth traction and raising seed funding, has made its maiden investment in Singapore-based smart electric motorbike company ION Mobility.
With the aim to create seamless user experiences for sustainable mobility, ION Mobility announced it has raised US$3.3 million (RM13.68 million) in seed funding recently. The funding will be used to launch its electric motorbikes in Southeast Asia, expand market presence and develop its R&D, supply chain and manufacturing capabilities.
Other notable investors apart from Kiple X include private and government institutional funds as well as corporate and angel investors such as Monk’s Hill Ventures, TNB Aura, Village Global, 500 Durians, AngelCentral syndicate, and Seeds Capital.
ION Mobility co-founder and CEO James Chan said there is no proven electric vehicle motorbike brand in Southeast Asia with products that can compel motorbike riders to join the inevitable electric revolution.
“We are committed to offer riders across Southeast Asia superior alternatives to their petrol-based motorbikes with our next-generation, smart and connected electric motorbikes that are clean, aspirational and affordable,” he said in a statement.
KipleX CEO Andrew Tan said: “The market opportunity for the motorbike industry in Southeast Asia is expected to hit US$8.53 billion by 2023. The total addressable market is over 200 million petrol motorcycle that can be converted to electric to create a more sustainable future. ION Mobility will enter the market focusing on Indonesia, which has one of the biggest motorbike markets globally, with 2019 motorcycle sales in Indonesia at 6.38 million units a year.”
ION Mobility plans to launch its first smart electric motorbike in Indonesia in 2021 and Malaysia soon after that. In addition, the company is set to expand its team and operations across Singapore, Jakarta and Shenzhen, develop its in-house research and development capabilities, and build up its supply chain and manufacturing partnerships.
