Singapore Captures Two-Thirds of Southeast Asian EV Startup Capital

Capital Concentration in the Lion City

Electric vehicle startups across Southeast Asia have drawn USD 622 million in disclosed equity investment over the past decade, with Singapore commanding roughly 62 percent of that total despite representing half the company count, according to data released Monday by Tracxn.

The private market intelligence platform tracked 16 ventures founded in 2016 or afterward that have each secured at least USD 5 million in cumulative equity rounds. Eight operate from Singapore, four from Indonesia, and two each from Vietnam and Thailand. Singapore-based companies account for approximately USD 387 million, while Indonesian startups trail with USD 165 million, Vietnamese ventures with USD 56 million, and Thai firms with USD 14 million.

Beam Mobility leads the cohort with USD 135 million raised since its 2018 launch, followed by commercial vehicle maker SingAuto at USD 95 million and Neuron Mobility at USD 78 million. Those three Singapore companies alone represent USD 308 million, just under half the regional total. Vietnam's Dat Bike, headquartered in Da Nang, has secured USD 51 million, while Indonesia's Alva and Charged have raised USD 50 million and USD 48 million respectively.

Two-Wheeler Dominance and Infrastructure Bets

Motorcycles remain the center of gravity for the sector, reflecting their role as primary transport across the region. Eight companies focus on electric two-wheelers, including Dat Bike, Alva, Charged, Maka Motors, ION Mobility, Scorpio Electric, Sleek, and Hanoi-based Selex Motors, which has raised USD 5 million. Several combine vehicle production with battery swap services.

Infrastructure plays have attracted substantial capital. Beam and Neuron, both operating mobility-as-a-service platforms, have together raised USD 213 million. Indonesia's Swap and Singapore's Oyika focus on battery-as-a-service models, while Singapore's Charge+ and Thailand's Haup target charging networks.

The investor roster spans institutional and strategic players. Peak XV Partners, Jungle Ventures, GSR Ventures, TVS Motor, and Horizons Ventures have backed companies in the group, alongside Affirma Capital, Hana Ventures, Square Peg, AC Ventures, East Ventures, Qiming Venture Partners, and ADB Ventures.

Early-Stage Ecosystem

Half the cohort remains at seed or Series A stage, underscoring how nascent the regional industry remains despite the capital deployed. Tracxn positioned the region as a center for EV development driven by urban density, policy support, and expanding adoption rates.

Globally, 843 companies in the EV sector have raised USD 113.3 billion in all-time funding, with Asia representing 271 startups and USD 43.7 billion, according to the platform. Southeast Asia's share remains modest but growing, with the sixteen-company cohort capturing attention from investors betting on transport electrification in markets where two-wheelers outnumber cars and charging infrastructure is still being built out.

The funding landscape suggests that while Singapore offers regulatory clarity and access to capital, manufacturing and end-user markets sit elsewhere in the region. Indonesian and Vietnamese startups are building for domestic demand in countries with large motorcycle fleets and government incentives for electric adoption. Thailand's smaller presence reflects a market where legacy automotive players dominate and startup activity has been slower to emerge.

Singapore's outsize share of capital may also reflect its role as a regional headquarters hub rather than a production base. Companies registered in the city-state often operate manufacturing and commercial operations across ASEAN, using Singapore for fundraising, treasury management, and investor relations while deploying capital in neighboring markets with larger consumer bases and lower production costs.