Singaporean bus-sharing platform RushOwl announced yesterday (Sep 3) that it has secured US$10 million in a Series A funding round, aiming to spur greater growth in its B2B operations and accelerate its expansion into Asia.
First launched in 2018, RushOwl initially provided on-demand shuttle services through its mobile app, RushTrail, for commuters who lack access to Singapore’s transport system.
However, in a recent interview with Vulcan Post, Shin Ng, CEO of RushOwl, shared that the business has pivoted its operations into the B2B space, as leisure rides experienced a decline in demand.
The company has since partnered with organisations, including corporates and schools, such as Asia Pacific Breweries, CBRE, and the Ministry of Education in Singapore.
To date, RushOwl has powered more than 1.5 million rides and manages over 4,000 trips daily. Currently, the company provides its on-demand shuttle service in three territories: Singapore, India, and Hong Kong, where it has been actively expanding to support the city’s smart mobility development.
According to Shin, RushOwl has experienced a three-fold year-on-year revenue increase in specific markets and an eight-figure topline in 2024.
With the funds acquired from the Series A round, the company will expand into more markets, including the Philippines, South Korea and Malaysia; and plans to open an R&D centre in Malaysia.
In addition, RushOwl will also use a portion of the funds to grow its B2B sales team, where they will be tasked with securing partnerships with fleet partners and licensing RushOS, its AI-based dynamic routing algorithm, to them.
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Featured Image Credit: RushOwl
