Tiger New Energy, a clean energy startup focused on delivering state-of-the-art battery-swapping technology to promote eco-friendly mobility solutions in Bangladesh, announced that it has closed a US$2.5 million USD seed funding round. The 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 participated by several undisclosed international and local investors.
At a time when luxury car 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. Recognizing this, two Harvard alumni, Nicole Mao and Yiwei Zhu, set forth a vision with Tiger New Energy. Their groundbreaking 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 its expansion across Bangladesh. The fresh infusion of capital will be used to expand its battery-swapping station network, propelling the nation further into sustainable transportation. Nicole Mao, CEO of Tiger New Energy, emphasized 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."
