Singapore-based e-scooter-sharing startup Telepod today announced that it has closed an undisclosed funding round led by MomentUM, a corporate venture and incubation platform of SMRT Corporation.
Bravio Capital, Quest Ventures, and two undisclosed angel investors also participated in the funding round.
“The first-and-last mile mobility market is a large and rapidly evolving market … This investment also complements SMRT’s public transport network, providing our commuters with more mobility options,” said MomentUM Head of Investments Dickson Loo in a press statement.
Telepod implements a business model similar to many dockless bike-sharing platform where users download a mobile app, pay deposit, locate an e-scooter, then pay the fee based on the length of the journey.
Its patent-pending system PROXIMA uses QR codes and helps ensure users are parking the scooters at designated parking areas.
The company said that the funding round will equip it with the logistical assets and technology to support its island-wide expansion plan this year.
Telepod Chief Executive Gan Jin Ni also said that the funding will be used to launch the company’s next generation of e-scooters.
The new e-scooters will be designed to “significantly” increase the scooter up-time and life-span, eventually reducing maintenance and operations work.
Debuting its e-scooter-sharing service at Suntec City in June 2017, Telepod claimed to have served more than 75,000 trips across Nanyang Technological University, the One-North district, and the Central Business District.
Of the targetted S$5,000 (US$3,800) goal, the project managed to secure S$430 (US$328).
Image Credit: Telepod