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Taiwan’s Gogoro raises NT$9 billion in third round of financing

The new funding would be used for market expansion, and research and development, said the manufacturer.

Multicolored Gogoro Smartscooters on display. (Photo courtesy of Gogoro)

Multicolored Gogoro Smartscooters on display. (Photo courtesy of Gogoro)

TAIPEI (Taiwan News) – After successfully launching its second-generation Smartscooter late in May in Taiwan, electric scooter manufacturer Gogoro announced September 20 that it had raised NT$9 billion (US$300 million) in Series C funding.

Apart from existing investors such as Samuel Yin (尹衍樑), chairman of Ruentex Group (潤泰集團), and Panasonic, the latest round was also participated in by several global investors, including the state-owned Singaporean investment company Temasek Holdings, the French energy giant Engie, and the Fortune 500 company Sumitomo Corporation (住友商事集團), according to the manufacturer’s press release.

“New investments from leaders like Temasek and Generation combined with investments from visionary corporations like ENGIE and Sumitomo Corporation are a strong validation of Gogoro’s business and market success,” said Horace Luke, co-founder and CEO of Gogoro.

The manufacturer said the funding would be used for new expansion as well as research and development.

Founded in 2011, the Taiwan-based electric scooter and battery-swapping manufacturer Gogoro has continued to gather momentum in 2017. Gogoro announced on September 4 that the sale of its second-generation Smartscooter had reached nearly 9,000 orders since launching in May, which led the company to dominate 85 percent of the island’s electric scooter market.

Gogoro has also expanded to Europe since 2016 through scooter-sharing programs, with services in Berlin first kicking off in 2016 and then followed by Paris in May 2017. Its business model is similar to WeMo and Zipcar, both of which have been operating in Taiwan. Riders can find and rent a Gogoro scooter via an app which will automatically calculate the fee after riders arrive at their destination.