KUALA LUMPUR: GoBike Asia, which has teamed up with the Thailand Motorcycle Taxi Association to provide delivery services in Bangkok, has announced that it has successfully raised US$4.8 million in its second pre-series A round of financing.

This latest funding round attracted interest from private family investment arms, high net-worth individuals and private equity investors from Europe and North Asia.

The first seed round of financing was completed in March last year, raising US$1 million, which saw participation from investors in Singapore, Thailand, Hong Kong and Malaysia.

In July 2016, GoBike Asia teamed up with the Thailand Motorcycle Taxi Association to launch the only legal motorcycle taxi ride hailing mobile application in Bangkok.

The fresh capital raised will enable GoBike to accelerate its product development, marketing efforts, and AI-related R&D to be more cost efficient. Furthermore, this will allow the company to expand into new markets.

GoBike is a technology company specialising in providing transportation solutions through GoBike App, a free mobile application that is available in Google Play and App Store.

Lian Wah Seng, CEO of GoBike Asia said, “We are pleased to see such strong investor confidence in GoBike’s business. Our aim is to use these funds to continue enhancing and adding features that will provide effective and affordable mobility solutions to users of our app.

“Our partnership with the Motorcycle Taxi Association allows us access to the largest pool of legalised motorcycle taxi bikers. Besides our ride-hailing services, we offer parcel delivery and shopping services as value-add convenience to our customers,” said Lian, a Malaysian, in the statement.