Neuron has announced the successful completion of a Series B investment round totaling USD$43.5 million, bringing their total capital to USD$77.7 million. Global venture capital firms GSR Ventures and Square Peg led this investment round. EDBI, a Singapore-based global Asia-focused investor, also participated in the round. The additional capital will be used to fund their international expansion strategy and to bolster their R&D and manufacturing.
They have more than tripled their global operations in the 19 months since their last funding round, expanding their fleet to 26 cities. Additionally, they reported that all of their existing city permits have been renewed successfully.
They are now the leading Australian micromobility operator, following recent launches in Melbourne, Hobart, Launceston, Perth, and Sydney, Neuron now operates in all of Australia’s capital cities, bringing the total number of operating cities in the country to 14. They have also expanded into South Korea and the United Kingdom, and became Canada’s fastest-growing e-scooter operator after launching in five cities, including Calgary and Ottawa.
On the technology front, the investment will support the design and manufacturing of their e-scooters, as well as the development and scale-up of a variety of innovative technologies.