First $8.5 M Series A funding closing for Singapore and Thailand’s SLEEK EV led by KYMCO Capital
An $8.5 million first close in its Series A funding round has been announced by SLEEK EV, an electric motorcycle manufacturer with operations in Thailand and Singapore.
According to a statement released by the company last Friday, KYMCO Capital, a private equity fund invested by international powersports manufacturer Kwang Yang Motor Co., Ltd (KYMCO) and more than twenty supply chain participants from Taiwan and Mainland China, led the round.
As the business gets ready to quicken SLEEK’s pan-Thailand expansion and establish Thailand as the hub for electric motorcycles in Southeast Asia, this investment represents a major turning point.
With the help of the funding, SLEEK will be able to increase production capacity in a larger facility along the Eastern Economic Corridor (EEC), speed up product development to provide state-of-the-art AI-driven software and AI agents for improved user experience, and expand its presence in Thailand by more than seven times by adding more EV S-Charge stations.
In order to increase mindshare and product deliveries, as well as to establish new standards for regional charging and battery swapping on electric motorcycles in order to achieve safety, quality, and operational efficiency, respectively, SLEEK said it will continue to establish new strategic channel partnerships with dealers and national regulatory bodies, building on its current relationships with partners like PTT OR, Krungsri Auto, Toyota Tsusho, and Grab.
The long-term goal of SLEEK EV is to establish itself as the reliable Full Stack EV Motorcycle Operating System in Asia Pacific (APAC), where partners work together, data compounds are analyzed, and actions are transformed into a new mode of urban mobility.
Strategic partner and investor KYMCO Capital will contribute 60 years of two-wheeler industry experience to SLEEK EV, supporting the company’s endeavors to streamline supply chains, coordinate the spread of battery and charging/swapping technologies, and accelerate its distribution throughout Southeast Asia.
“This investment from KYMCO Capital is a strategic one. It validates our technology and our ability to compete in global markets,
“Sleek EV is not just an electric motorcycle manufacturer. We are redefining vehicle electrification with an end-to-end ecosystem solution – from manufacturing, charging infrastructure, and an integrated software that binds everything together,” said Kantinan Tunveenukoon (Ben), SLEEK EV Chief Executive Officer and Co-founder.
“Our goal is simple. We want to make Thailand the electric motorcycle hub of ASEAN. Our target is to be the #1 EV motorcycle brand in Thailand by end-2026,
“With KYMCO Capital, we are doubling down on the EV ecosystem with quality products, robust technology stack, and like-minded stakeholders who can drive this forward with us,” he added.
