Temasek Leads $300 Million Investment in Electric Scooter Maker
Sep 20, 2017
Gogoro Smartscooters.
Photographer: Billy H.C. Kwok/Bloomberg
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"Temasek is well connected in Southeast Asia and it’s a key market for us," said Luke, chief executive officer of Gogoro. "Southeast Asia has a very strong resemblance to that of Taiwan. We’ve done well in Taiwan, but it’s still a very limited market."
Last year, Gogoro rolled out a scooter-sharing program with Robert Bosch GmbH in Berlin. Users in the city can use a smartphone app to locate, book and pay to use the scooter. Riders can drop the scooter off at their destination rather than at a central docking station. Earlier this year, Gogoro launched this sharing service in Paris.
Gogoro’s growth comes as bike-sharing startups have proliferated in China, with promises to reduce traffic and improve the environment. Chinese startups Beijing Mobike Technology Co. and Ofo Inc. let users scan a QR code to unlock bikes then drop them off anywhere. The Chinese venture market has poured money into the space, allowing the startups to push down prices and flood the streets with bikes. Temasek, Singapore’s state investment firm, invested in Mobike earlier this year.
Source: Bloomberg Technology