Eight companies from the city-state raised $491.49m across the 16-startup cohort.
Singapore accounted for half of Southeast Asia’s (SEA) leading electric vehicle (EV) startups and 62% of the cohort’s disclosed equity funding, according to Tracxn data as of 24 August.
Eight Singapore-based companies in the 16-startup cohort have raised a combined $491.49m (US$387m) in equity funding. The cohort has raised $789.94m (US$622m) in total.
Indonesia follows with four startups and $209.55m (US$165m) in equity funding, whilst Vietnam has two companies with $71.12m (US$56m) and Thailand has two with $17.78m (US$14m).
The companies cover electric two-wheelers, commercial EVs, battery swapping, charging infrastructure, and mobility solutions.
Tracxn included SEA-based EV startups that had raised at least $6.35m (US$5m) in total equity funding and ranked them by disclosed equity funding.
Beam Mobility leads the cohort with $171.45m (US$135m) in equity funding, followed by SingAuto with $120.65m (US$95m) and Neuron Mobility with $99.06m (US$78m).
All three companies are based in Singapore and together account for $391.16m (US$308m) of the cohort’s funding.
Singapore’s remaining five startups in the list are ION Mobility with $39.37m (US$31m); Scorpio Electric with $20.32m (US$16m); Pyxis with $16.51m (US$13m); Oyika with $13.97m (US$11m); and Charge+ with $10.16m (US$8m).
The cohort remains at an early stage. Fourteen of the 16 startups, or 87.5%, are at Series A or Series B. All were founded in 2016 or later.
Amongst the Singapore companies, Beam Mobility and Neuron Mobility operate in mobility-as-a-service, whilst SingAuto focuses on commercial EVs.
The other companies cover electric two-wheelers, marine EVs, battery-as-a-service, and charging infrastructure.
Tracxn said the selected companies have SEA as their primary location, regardless of where they operate.
Key investors across the cohort include Peak XV Partners and Jungle Ventures.
Singapore-based startups have also attracted investors including Affirma Capital, Hana Ventures, GSR Ventures, SeedPlus, Square Peg, TVS Motor, Quest Ventures, TNB Aura, EuroSports Global, Shift4Good, Motion Ventures, Banpu NEXT, Yinson, and TRIVE.
(US$1 = SG$1.27)
