Mobility-as-a-Service startup WeMo raises $15 Million, heading to Southeast Asia with its one million members

WeMo has amassed a user base of over a million members through its Mobility-as-a-Service platform. With the new funding and the Taiwan market’s achievement, they are readying to expand to Greater Southeast Asia.

WeMo Corp, a pioneer in urban mobility technologies, today announced the completion of Series A+ round led by AppWorks, with participation from Taiwan National Development Fund, bringing the total amount raised this round to $15 million.

“In recent years, accelerating impact of climate change and severe weather has created greater impetus to transition to net zero economic and societal models. Throughout the pandemic, the WeMo team has demonstrated amazing resilience and execution through operations excellence, product innovation and a focus on seamless consumer experiences, leading to a sound financial performance that will allow them to expedite expansion and contribute to Taiwan and the Greater Southeast Asia region's pursuit of zero carbon societies. As an early believer in WeMo, AppWorks has great confidence in this team's future under the leadership of Jeffrey and David,” said Jamie Lin, Chairman and founding partner of AppWorks.

In 2022, WeMo launched a number of new products and services based on emerging consumer demand following Taiwan’s reopening, including: WeMo RenTour. /Photograph : WeMo

“As a pioneer of shared e-mobility in Taiwan, WeMo has gained significant momentum in the island country known to have the highest motorcycle per capita. Over the past seven years, we accumulated valuable experiences in product development, user experience design, and AI / IoT technologies. As WeMo emerges from the pandemic in a position of strength, we are excited to expand our footprint to Southeast Asia where we can help governments and businesses achieve greener transportation and effectively manage their electric fleets,” said Davidd Liu, CEO of WeMo.

With its mission to reduce dependency on privately-owned vehicles and decrease carbon emissions, WeMo has amassed a user base of over a million members in its seven years of smart vehicle operations, and has gained a dominant position in the Taiwan market. The company has made dramatic adjustments throughout the pandemic to meet ever-changing consumer needs, and positioning itself for long-term growth, including investments in product and technology that are intended to help governments, businesses, and communities embrace more sustainable ways of transportation and living.

In 2022, WeMo launched a number of new products and services based on emerging consumer demand following Taiwan’s reopening, including: WeMo RenTour, which offers app-based rentals for electric cars, scooters, and bicycles; and WeMo PASS, offering free and discounted rides of electric scooters and other benefits on a subscription basis. Revenue has returned to pre-pandemic levels, recording double-digit growth. The company anticipates accelerated growth over the next few years, building off increasing demand for shared transportation, electrification, fleet management, and resumption of normal economic activity.

Making Indonesia and Thailand greener

"Sustainable green energy development is the predominant global trend for energy and transportation, and is the core spirit of WeMo from inception. Building off the continuous and steady growth of WeMo, we will leverage our proven expertise in electric and shared vehicles to offer sustainable solutions for smart transportation throughout the Greater Southeast Asia region,” said Jeffrey Wu, Founder and Vice Chairman, WeMo.

Wemo is heading to Southeast Asia. Photograph : 陳映璇攝影

In addition to its convenient roadside rent-and-return services, WeMo offers a comprehensive Mobility-as-a-Service platform with a focus on fleet and operations management under one integrated system, which intimately aligns with global market urbanization demand and greenification trends. With WeMo’s modular, efficient, and all-in-one tool “Smart Mobility Center,” fleet operators are able to gain access to historical and real-time data, accurate forecasting, and analytics to improve fleet management. Data and module specifications can be customized to each operator's region, vehicle type or other needs to help achieve sustainability goals and seamlessly manage vehicle fleets.

With this round of financing, WeMo plans to expand its service to Southeast Asia, with an emphasis on Indonesia and Thailand. In anticipation of rapidly growing demand for electric vehicles and alternative transportation solutions, the company is building partnerships with governments, investors, businesses, and transportation providers throughout Southeast Asia to offer green transportation and fleet management services to support the region’s transition to zero emission.