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- #33 GKC | 🚴♂️⚡️ E-Bike Buzz In SEA
#33 GKC | 🚴♂️⚡️ E-Bike Buzz In SEA
Ion Mobility Hits the Brakes, Maka Motors Powers Up!
Nelson Ng
January 27, 2025 • Est. Reading Time: 8 minutes
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Happy Monday! 👋
To all who’re celebrating, Happy Chinese New Year! Let’s sssslay the year 🐍🐍🐍
This week, we’ve some GOOD stuff on:
🏍️ SG E-bike Startup Ion Mobility Sold At A Discount
🏍️ ID E-bike Startup Maka Motors Received $$ From Openspace
💸 Over 2,000 Single Family Offices In Singapore
📰 GOOD News
1/ SG E-bike Startup Ion Mobility Sold At A Discount
Source: Ion Mobility’s website
Ion Mobility, a Singapore-based electric bike startup, is being acquired by TVS Motor, who invested over US$24 million in the last two years.
“The shareholders get back 10 cents to a dollar, and the rest of the cash is to incentivise the management team,” says a person who has direct knowledge of the deal.
Founded in 2019, Ion Mobility has amassed about US$31 million in total disclosed funding. It has been operating for five years, but the startup struggled to get its EV bike on the road.
Despite the soft launch of its M1-S model in Jakarta in November 2022, the firm faced delivery delays to customers who had placed pre-orders.
The company didn’t generate any revenue in 2022 and 2023, and its losses grew by nearly 80% to US$4 million in 2023.
🔗 Source: Tech In Asia
2/ ID E-bike Startup Maka Motors Received $$ From Openspace
Source: Openspace.vc
On the other hand, Openspace, a SEA-focused investment firm, has invested an undisclosed amount in Maka Motors, which locally designs and builds electric motorcycles tailored to the specific needs of local riders.
Beyond offering green technology, MAKA ensures its motorcycles solve real-world problems and deliver tangible value to consumers in Indonesia, where motorcycle are the backbone of mobility.
🔗 Source: Openspace
3/ Over 2,000 Single Family Offices In Singapore
According to Monetary Authority of Singapore (MAS), The number of single family offices in Singapore has reached 2,000, an increase from 1,650 family offices reported in September 2023.
The growth is linked to favourable policies for establishing family offices and trusts, coupled with low taxes and its proximity as a gateway to the growing Southeast Asian markets.
70% family office professionals expect spending on philanthropy to increase by 15% or more over the next two years, with focuses on healthcare, inclusion, and clean water access. (source)
Singapore launched ImpactSG in 2024 to engage a growing community of family offices here to contribute to Singapore and the ASEAN region.
🔗 Source: Reuters
GOOD Key Takeaways:
SEA VCs remain struggling with exits, Ion Mobility deal adds to another “unsuccessful exit” in SEA.
Localised execution is key. Many startups say they do, few executes.
SG family offices are growing rapidly, though impact investing is a relatively new concept in the region. More to discuss in future newsletter.
Other News:
💁♀️ GOOD Opportunities
🚀 Fully-Funded | YSEALI Summit | Due Jan 31
🚀 Fully-Funded | SG Academies South-East Asia Fellowship | Due Jan 31
🚀 Fully-Funded | Nuanu Social Fund | Due Feb 10
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