HomeInfrastructureBike and Scooter ShareNeuron Financial Injection to Fuel Further Australian Expansion

Neuron Financial Injection to Fuel Further Australian Expansion

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Singapore

Australia’s largest share service operator, Neuron Mobility, has confirmed its latest A$59.1 million funding round will help drive further expansion in this country.

The Singapore-based company said its recent Series B investment round, led by Australia’s Square Peg and global venture firm GSR Ventures, would fuel Neuron’s continued growth strategy in Australia.

“It will also be used to continue designing and building our own e-scooters, as well as developing and rolling out existing and new technology at scale,” according to the company.

“We are very buoyant about our future in Australia. It is a great market and in many ways it is a model for regulating micromobility.”

Neuron has now raised a total of A$105 million and has enjoyed significant growth during the past 18 months.

Since Neuron’s last funding round 19 months ago, the company has more than tripled its operations, growing from seven cities in September 2020 to 26 cities today.

Neuron solidified its position as Australia’s largest micromobility operator, with the greatest number of operational cities and also permitted vehicles.

It is the only micromobility operator in every Australian State and Territory and operates in every Australian capital city, following recent launches in Melbourne, Hobart, Perth and Sydney.

Neuron has also launched in Bundaberg, Rockhampton, Launceston, and Ballarat, taking its total number of operational cities in Australia to 14.

It increased its global footprint into the UK and South Korea and was the fastest-growing operator in Canada.

Neuron’s latest capital injection will fund the company’s firm focus on expanding by winning highly-prized competitive tenders.

Neuron Mobility CEO Zachary Wang said: “Cities are shifting to a more regulated way of managing shared micromobility, increasingly selecting the best one or two operators before awarding them long-term contracts.
“This fully validates our strategy, and the strong foundations we have built in Australia, NZ, Canada and the UK give us a great springboard to scale globally.

“Over the last 19 months, Neuron has launched in 22 new cities and the vast majority have been the result of winning competitive tenders – this bodes very well for the future.”

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