SLEEK EV, a Singapore-based and Thailand-operated electric motorcycle maker, has announced an $8.5 million first close in its Series A funding round.
The round was led by KYMCO Capital, a private equity fund invested by global powersports manufacturer Kwang Yang Motor Co., Ltd (KYMCO) and more than twenty supply chain players from Taiwan and Mainland China, the firm said in a statement on last Friday.
This investment marks a significant milestone as the company prepares to accelerate SLEEK’s expansion pan-Thailand and position Thailand as Southeast Asia’s electric motorcycle hub.
The funding will enable SLEEK to scale up production capacity in an expanded facility along the Eastern Economic Corridor (EEC), accelerate product research and development to deliver cutting edge artificial intelligence (AI)-driven software and AI agents for enhanced user experience, and deepen its geographical footprint in Thailand by adding more EV S-Charge stations by more than seven times.
Leveraging existing relationships with partners such as PTT OR, Krungsri Auto, Toyota Tsusho, and Grab, SLEEK said it will continue to forge new strategic channel partnerships with dealers and national regulatory bodies to achieve greater mindshare and product deliveries as well as to set a new standard for regional charging and battery swapping on electric motorcycles to achieve safety, quality, and operational efficiency respectively.
SLEEK EV’s long-term ambition is to become Asia Pacific (APAC)’s trusted Full Stack EV Motorcycle Operating System, where partners collaborate, data compounds, and actions convert to a new way of urban mobility.
KYMCO Capital, a strategic partner and investor, will bring along 60 years of industry experience in the two-wheelers to SLEEK EV and will support in its effort to optimize supply chains, synergize the proliferation of battery and charging /swapping technologies, and supercharge its distribution across Southeast Asia.
“This investment from KYMCO Capital is a strategic one. It validates our technology and our ability to compete in global markets,
“Sleek EV is not just an electric motorcycle manufacturer. We are redefining vehicle electrification with an end-to-end ecosystem solution – from manufacturing, charging infrastructure, and an integrated software that binds everything together,” said Kantinan Tunveenukoon (Ben), SLEEK EV Chief Executive Officer and Co-founder.
“Our goal is simple. We want to make Thailand the electric motorcycle hub of ASEAN. Our target is to be the #1 EV motorcycle brand in Thailand by end-2026,
“With KYMCO Capital, we are doubling down on the EV ecosystem with quality products, robust technology stack, and like-minded stakeholders who can drive this forward with us,” he added.
Meanwhile, Gary Ting, Managing Partner of KYMCO Capital, shared that KYMCO Capital has committed to supporting Thai electric vehicle ecosystem based on what they had built up in Taiwan and Mainland China.
“This investment in SLEEK EV exemplifies our ecosystem in the Southeast Asian markets. This partnership embodies the next generation of urban infrastructure transformation through vehicle electrification,
“With KYMCO deep capabilities coupled with SLEEK EV offerings, we see ourselves empowering all businesses and governments to go electric. We strongly believe that SLEEK EV ecosystem approach in Thailand will play a vital role in building a greener future,” he added.
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