On-demand mobility startup SWAT nabs US$10M Series A funding, to expand into new Asian markets
Ministry of Movement Pte. Ltd. (SWAT), an on-demand transport technology startup that pools passengers in high-capacity vehicles to route them to offer the highest utilisation rates and service levels has closed US$10 million in its Series A funding.
The funding is led by the University of Tokyo Edge Capital (UTEC), joined by investors include new investors SMRT Momentum Ventures, ComfortDelGro Ventures, Singapore Economic Development Board (EDB) New Ventures, EDB Investments, and LKJ Capital Japan. Pre-Series A investors iGlobe Platinum Fund II Pte. Ltd. and the Goldbell Group family office reinvested in this round.
SWAT said it plans to use the funds to grow and expand overseas. This investment will allow the company to tread new business verticals and establish its position as an intelligent transport technology provider in the region.
“SWAT is focussed on providing efficient transport for commuters through ride pooling in high-capacity vehicles. We see a need for such shared transport, especially in areas where the transport system has not caught up with rapid urbanisation and high population density,” said Jarrold Ong, Co-founder, and CEO of SWAT.
Ong continued: “Our solutions are designed to improve connectivity and reduce congestion within cities.”
Founded in September 2015, SWAT launched Asia’s first-ever dynamic on-demand bus service in Singapore the following year.
The company currently provides on-demand employee transportation for large corporations and industrial parks with operations in Singapore and Vietnam. It also operates an on-demand public bus service in Australia, providing first/last-mile connection from North-West Sydney to the new Sydney Metro.
Earlier this year, SWAT also conducted the Singapore Land Transport Authority’s public on-demand bus trials.
SWAT said it differs from ride-hailing services most people are familiar with, in that its algorithm allows for ridesharing, or essentially car-pooling, in vehicles of varying passenger capacity.
SWAT is set to launch projects in Japan, China, the Philippines, and Indonesia by the first half of 2020. As part of its expansion, SWAT also plans to support the growth of its commercial operations by boosting internal tech, data, and engineering teams, streamlining operations and increasing marketing activities.