SLEEK EVs Latest Investment to Fuel its Expansion to SEA

SLEEK EV, based in Singapore, announced on September 7 that it has received a synergistic Pre-Series A funding led by ORZON Ventures, a venture capital fund powered by OR and 500 TukTuks. January Capital and A2D Ventures are among the round's co-investors.

According to the company, this strategic investment will help SLEEK EV accelerate the transition of 2-wheelers in Southeast Asia to electric.

Kantinan Tunveenukoon and Zhang Quan (ZQ) Ong, the founders of SLEEK EV, bring a wealth of experience, having successfully distributed electric motorcycles for several years and launching Thailand's first fintech platform specifically tailored to financing electric motorcycles before launching SLEEK EV in 2022.

They recognize the pressing issue of exorbitant daily travel expenses, particularly in Southeast Asia, where transportation costs can account for over 30 percent of wages. Motorcycles are thus one of the most cost-effective modes of transportation for millions of people in the region. Armed with an industry network, the founders capitalized on the huge opportunity for electrification in the motorcycle industry to lead the change towards a cleaner and less expensive mobility option.

SLEEK EV's first target market is Thailand, where the motorcycle market is worth more than $2.6 billion per year, with current EV 2-wheelers accounting for less than 1% of this total. Since its launch in September 2022, SLEEK EV has sold over 1,000 EVs through a nationwide network of established dealerships.