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.