Singapore-based on-demand bus service Swat has received $10.1m in a series A round featuring SMRT Momentum Ventures and ComfortDelGro Ventures, respective subsidiaries of transport operators SMRT and ComfortDelGro, DealStreetAsia reported today.
The round was led by University of Tokyo Edge Capital (Utec), a venture capital affiliate of University of Tokyo, and included the government-owned Singapore Economic Development Board’s New Ventures and EDBI vehicles, along with Goldbell Group, iGlobe Platinum Fund II and LKJ Capital Japan.
Founded in 2015 and also known as Ministry of Movement, Swat provides on-demand shuttle buses that transport employees such as overnight shift workers and non-emergency medical staff who may have unsatisfactory access to scheduled public services.
Powered by data technology, Swat’s platform arranges transport for up to 1,600 passengers for each workplace and has been responsible for more than 350 million journeys to date.
The funding will support expansion plans set to include moves into Japan, China, Indonesia and the Philippines envisaged for the first half of 2020. It will also support the growth of Swat’s technology, data and engineering teams.
Swat had previously received $2.2m in a mid-2017 pre-series A round backed by iGlobe Platinum Fund II and Goldbell Group.
The original version of this story was published on our sister site, Global University Venturing.