Swat calls in $10.1m series A

Singapore-based on-demand bus pooling service Swat has obtained $10.1m in a series A round led by University of Tokyo Edge Capital (Utec), a venture capital affiliate of University of Tokyo, DealStreetAsia reported today.

SMRT Momentum Ventures and ComfortDelGro Ventures, respective investment subsidiaries of transport operators SMRT and ComfortDelGro, also took part in the round.
The round was also backed by the government-owned Singapore Economic Development Board’s New Ventures and EDBI investment vehicles, along with family office Goldbell Group, iGlobe Platinum Fund II and LKJ Capital Japan.
Founded in 2015 and also known as Ministry of Movement, Swat provides on-demand shuttle buses that transport employees such as overnight shift workers and non-emergency medical staff who may have unsatisfactory access to scheduled public services.
Powered by data technology, Swat arranges transport for up to 1,600 passengers per workplace and has to date completed more than 350 million journeys.
The funding will support expansion plans, including moves into Japan, China, Indonesia and the Philippines envisaged for the first half of 2020. The money will also help recruit specialists in technology, data and engineering.
Swat previously received S$3m ($2.2m) in a mid-2017 pre-series A round that featured iGlobe Platinum Fund II and Goldbell Group, according to media reports.
Ted Yamamoto, partner and board director of Utec, said: “We are impressed by what the team has achieved to date in the urban mobility and employee transport space, and look forward to helping Swat bring its technology and service to more areas. Japan especially is ready for this change.”