Toyota Tsusho leads Series A funding in Singaporean start-up mobilityX

Toyota Tsusho leads Series A funding in Singaporean start-up mobilityX

Singapore, 1 October 2018 – mobilityX Pte Ltd (“mobilityX”) has received Series A funding from lead investor Toyota Tsusho Corporation (“Toyota Tsusho”), the sole general trading company of Toyota Group. The investment will be made by Toyota Tsusho Asia Pacific Pte Ltd.

Set up in 2018, mobilityX integrates and optimises various transportation options for commuters onto a single digital platform. It is currently beta-testing an integrated mobility subscription service for consumers to access public transport and first-and-last-mile services.

This Series A investment will enable mobilityX to expand the deployment of its integrated Mobility-as-a-Service (MaaS) solution in Singapore and the region. In addition to the investment, mobilityX and Toyota Tsusho have signed a Master Collaboration Agreement that features collaborations in the technology development and regional expansion of the business.

Mr. Hideki Yanase, President of Toyota Tsusho Asia Pacific Ltd, said: “We are pleased to have the opportunity to invest in mobilityX’s Series A funding. We look forward to building a strong strategic collaboration with mobilityX and develop the MaaS business together. We will strive to establish a better and more efficient mobility service to support the creation of a more prosperous life for the citizens of Singapore and the region.”

Mr. Peter Tan, Chairman of mobilityX, said: “We are pleased to receive funding from Toyota Tsusho. The investment by and strategic collaboration with Toyota Tsusho is a significant endorsement of mobilityX. We are committed to working with Toyota Tsusho to transform mobility services for consumers in Singapore and the region.

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Toyota Tsusho Corporation, listed in both Nagoya Stock Exchange and Tokyo Stock Exchange, was founded in 1948 as the trading company for the Toyota Group. Today, Toyota Tsusho operates in more than 120 countries with approximately 57,000 employees that are all striving to contribute to the creation of prosperous societies. The company has seven operating divisions focused around three business fields, which are the Mobility field, the Resources & Environment field, and the Life & Community field. In addition, the company has launched the Next Mobility Strategy in April 2017, and now has dedicated members in each operating division that are working on this new strategy. From the strategic investment in mobilityX, Toyota Tsusho aims to establish the MaaS business and also accumulate its core know-how.

mobilityX Pte. Ltd is local start-up incorporated in Feb 2018. mobilityX has developed a digital platform that uses public transport (MRT and bus) as its backbone. The platform includes partnerships with taxis/ride-sharing companies, bicycles, scooters, car-sharing and on-demand bus operators for first-and-last mile connectivity and point-to-point trips.

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L-R The investment agreements were signed by Toyota Tsusho Asia Pacific’s COO Shigeharu Kato and mobilityX’s CEO Colin Lim. The signing was witnessed by the President of Toyota Tsusho Asia Pacific, Mr Hideki Yanase and the Chairman of mobilityX, Mr Peter Tan.

For more information on mobilityX, visit their website at
https://www.mobility-x.com