VC firm ORZON Ventures led Pre-series A funding raised by EV manufacturer SLEEK EV
A venture capital fund powered by OR and 500 TukTuks, ORZON Ventures, led a pre-series A funding round for the Singapore-based electric vehicle (EV) company SLEEK EV on Thursday. A2D Ventures and January Capital are co-investors in the round.
According to a statement from the company, this strategic investment will support SLEEK EV’s goal of accelerating the switch to electric for 2-wheelers in Southeast Asia.
Kantinan Tunveenukoon and Zhang Quan (ZQ) Ong, the founders of SLEEK EV, bring a wealth of experience to the company. Before launching SLEEK EV in 2022, they successfully distributed electric motorcycles for several years and established the first fintech platform in Thailand designed specifically for financing electric motorcycles.
They are aware of the urgent problem posed by excessive daily travel costs, particularly in Southeast Asia where these costs can exceed 30% of salaries. In light of this, motorcycles rank among the most reasonably priced forms of transportation for millions of people in the area. The founders took advantage of the enormous opportunity for electrification in the motorcycle sector by leveraging their industry connections to drive the shift to a more affordable and environmentally friendly mode of transportation.
The first country that SLEEK EV targets is Thailand, where the motorcycle market accounts for more than $2.6 billion in annual sales and where EV 2-wheelers currently account for less than 1% of the market.
Through a network of reputable dealerships across the country, SLEEK EV has already sold more than 1,000 of its electric vehicles since its launch in September 2022.
Along with providing financial support, this partnership with ORZON Ventures also opens up a world of opportunity for SLEEK EV. With the chance to take advantage of OR’s vast ecosystem, which includes the Fit Auto, Café Amazon, and PTT station network, among others, SLEEK EV will have access to a sizable customer base and robust infrastructure support.
The goal of ORZON Ventures, a venture capital fund established through the partnership of OR and 500 TukTuks, is to support and invest in innovative businesspeople in Southeast Asia.
