Expanding Dynamic Ride-Sharing Platform Gains US$10 Million in Series A Funding from RushOwl
RushOwl, a Singapore-based ride-sharing platform, has announced that it has raised US$10 million in Series A funding. The funding round was led by Gobi Partners, a pan-Asian venture capital firm, with participation from the Hong Kong Investment Corporation Limited (HKIC).
Founded in 2018 by Shin Ng, Chief Executive Officer, Songyan Ho, Chief Technology Officer, and Kris Lee, Chief Operating Officer, RushOwl aims to bridge the gap between private and public transportation in Asia's busiest cities. The platform's mobile app, RushTrail, currently supports 250,000 users and offers 30% shorter commutes compared to public transport.
RushOwl's platform has powered over 1.5 million rides and manages over 4,000 trips daily. The company's core technology is its AI-based dynamic routing algorithm, RushOS, which pools trip requests together for shared, carbon-efficient journeys. This approach lowers carbon emissions by 50% through saved mileage, with each shared journey replacing more than three vehicles.
Chibo Tang, Managing Partner of Gobi Partners, believes that RushOwl addresses urban challenges such as congestion and excess emissions, and is compatible with autonomous vehicles. The HKIC's investment in RushOwl is part of an "investment+" approach, aiming to generate financial return and support smart mobility solutions. Clara Chan, CEO of the HKIC, stated that the HKIC's investment in RushOwl supports long-term themes that could be Hong Kong's future economic growth drivers.
RushOwl will use its Series A funding to grow its B2B sales team, securing key partnerships with fleet partners and licensing RushOS to them. The company currently offers its on-demand shuttle service in Singapore, India, Hong Kong (China), and is expanding into the Philippines, South Korea, and Malaysia.
Shin Ng, CEO of RushOwl, stated that the company was created to address the problem of accessibility in cities, aiming to create a free-flowing public transportation system. Gobi Partners invested in RushOwl through three of its managed funds in Hong Kong (China) and Malaysia.
RushOwl also plans to open an R&D centre in Malaysia and expand its operations further. The company's goal is to make daily commutes more convenient, faster, and cut down on carbon emissions. With the new funding, RushOwl is poised to make a significant impact in the ride-sharing industry and contribute to sustainable urban mobility solutions.
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