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Today we announced that we have successfully raised USD$43.5 million in a Series B investment round, bringing our total capital to USD$77.7 million. This investment round was co-led by global venture firms GSR Ventures and Square Peg. Singapore’s EDBI, a global Asia-based investor, also joined the round. The fresh capital raised will fuel our unique international expansion strategy, as well as reinforce our technology leadership. 

Since our last funding round 19 months ago, we have more than tripled our global operations, expanding our fleet into 26 cities. We are also pleased to note that all of our existing city permits were successfully renewed, which we think shows our commitment to being the best partners we can be in cities.

In Australia, we have reinforced our position as the country’s leading micromobility operator. 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. We had new country launches in South Korea and the UK, and 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 our safety-first e-scooters, as well as the development and roll out of a range of innovative technology at scale. This vertically-integrated approach – which differs from most other shared micromobility companies – will allow us to quickly adapt and update our vehicles to perform better and last longer. 

Increasingly, more cities are choosing to limit the number of micromobility operators by awarding long-term contracts to only the best and most innovative micromobility providers. Over the next 12 months, we aim to continue our global expansion plans focused on winning such cities, while advancing our safety and technology leadership.