Indonesia-based Swap Energy, which provides battery-swapping solutions for two-wheeled electric vehicles (EVs), has raised about $7.2 million in a pre-Series A funding round led by Ondine Capital, according to regulatory filings.
The company had announced the round last month without disclosing the amount of capital raised. Ondine Capital invested nearly $3 million in the round through two vehicles, showed Swap Energy’s filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).
Other investors that participated in the financing include existing backers SBI Kejora Orbit Fund, which invested $2 million, Indonesian mining company PT Wahana Sentosa Cemerlang, and New Energy Nexus.
Randolph Hsu, the founder of Ondine Capital, confirmed the development, adding that the venture capital firm has secured a seat on the board of the Indonesian company. “The rationale behind this investment is quite straightforward: good team and good products fitting the market at the right time, especially the favorable policy in Indonesia,” Hsu told DealStreetAsia. Our Taiwanese background and understanding of Nasdaq-listed [electric motorcycle maker] Gogoro made it easier for us to comprehend the nature and potential of this opportunity“.
Battery life is a crucial pain point for EV users. Swap Energy, which was founded in 2019, aims to solve this challenge by building infrastructure for two-wheeled EVs. The startup currently has more than 800 swap charging stations in 14 provinces.
In 2021, the company launched its electric motorcycle brand Smoot. A year later, Swap Energy and Smoot partnered with Grab and state-owned electric company PLN to develop an integrated electric vehicle ecosystem in Indonesia.
In March 2022, Swap Energy raised an undisclosed seed funding round led by Kejora-SBI Orbit with participation from several investors, including Living Lab Ventures, New Energy Nexus and Raksasa Capital.