Tiger New Energy concludes USD 2.5m seed round to write Bangladesh's innovative story in green mobility
Tiger New Energy has successfully closed a ground breaking USD 2.5 million seed funding round, a notable achievement for green mobility in Bangladesh.
This round is led by Wavemaker Partners, a leading Southeast Asian venture capital firm with a strong track record of backing sustainable and innovative startups, and is followed by several reputable international and local investors, stated a press release.
At a time when luxury brands worldwide are just starting to embrace the electric vehicle revolution, Bangladesh has been leading with an innovative approach. Every day, 2.5 million electric vehicles traverse the nation's streets. But these aren't the typical sedans.
They are three-wheeled electric vehicles, becoming a symbol of urban transportation in Bangladesh. This remarkable transformation has taken place without extensive government subsidies, demonstrating the power of innovation and commitment.
However, there are still challenges to overcome. Issues like range anxiety and the transition to more efficient lithium batteries have been a barrier for many.
Recognising this, two Harvard alumni, Nicole Mao and Yiwei Zhu, set forth a vision with Tiger New Energy. Their ground breaking battery-swapping technology is not just a solution to these challenges but a revolution for Bangladesh's mobility landscape.
By enabling drivers to quickly swap out depleted batteries for fully charged ones, they eliminate the prevalent range anxiety, allowing drivers to save both time and money.
Moreover, with a commitment to sustainability, Tiger New Energy uses renewable energy sources for its battery swaps, aligning with the United Nations Sustainable Development Goal 7.
This recent seed funding round, led by Wavemaker Partners SG, is a testament to the belief in Tiger New Energy's mission and will fuel their expansion across Bangladesh.
The fresh infusion of capital will drive their battery swapping station network, propelling the nation further into sustainable transportation.
CEO of Tiger New Energy Nicole Mao emphasised the company's mission, "Our dedication goes beyond technology. It's about shaping a sustainable future for Bangladesh and showcasing the potential of emerging markets."