Gogoro is an electric scooter manufacturer based in Taiwan. In the Series-C round, it has raised a whopping $300 million for its future expansion plans. This new funding comes from new backers Singaporean sovereign fund Temasek, London-based Generation Investment Management, Japan’s Sumitomo Corporation, and energy firm ENGIE from France.
Currently, Gogoro is offering its electric scooters on a short-term rental basis in Europe. So far it has spread its network in Berlin and Paris. In total there are around 1,600 electric scooters available for rental. The rental sharing is managed by Bosch subsidiary Coup. Apart from this rental scheme, the company has been selling its electric scooters in Taiwan since 2015.
According to the reports of Gogoro, it has sold over 34,000 scooters so far. If we combine the sales and the rental units, then Gogoro’s customers have ridden over 100 million km till date. This has led to a saving of approx 4.1 litres of fuel.
Colin le Duc, Generation Investment Management, said, “Cities worldwide are demanding new and sustainable approaches to personal transportation. Gogoro is poised for strong growth. We believe its exciting brand and visionary business model will play a critical role in driving the electrification of mobility across Southeast Asia.”
Horace Luke, co-founder and CEO, Gogoro, said, “One of the greatest challenges of our time is transitioning our cities to a smarter and more sustainable energy and transportation infrastructure. Gogoro provides a new approach for cities to embrace sustainable energy through a smart connected infrastructure and battery swapping system that has demonstrated success across Taiwan and Berlin.”
Gogoro hasn’t given any official release regarding its future plans. But with the kind of investment it has grasped, it definitely must be something really big. The company would also expand its services further in Europe and outside, maybe Japan and Southeast Asia.