WeMo raises $20M in Series B

WeMo, a provider of shared mobility services specializing in electric scooter rentals, has completed a $20 million Series B funding round. The round was led by Chunghwa Telecom, with participation from Cathay Venture and Hong Chi Fund. The funding is intended to accelerate WeMo’s dual-track service expansion and strengthen its digital integration within telecom and financial systems.

The capital injection comes at a pivotal time for WeMo as it continues to scale its operations. The company currently offers about 11,000 scooters in its fleet, including 3,000 new Gogoro VIVA MIX models, which complement the existing 8,000 WeMo Fly scooters. All vehicles are integrated into WeMo’s app-based management system, allowing for seamless user operations. The new round of funding, officially closed by the end of 2025, supports WeMo in enhancing its reach and refining its service offerings.

WeMo's strategic focus is primarily on expanding its existing shared mobility operations while also enhancing its offerings through the integration of telecom and financial service capabilities. According to the company's founder, Hsin-pei Wu, the funding will assist in leveraging Cathay Financial's resources and Chunghwa Telecom's distribution channels, aiming to scale the company's "dual-model, dual-service" framework. The move also emphasizes WeMo's intent to increase B2B revenue streams, which have been growing alongside a reported 1.8-fold growth in first-quarter revenues compared to last year.

The Series B round comes against a backdrop of fierce competition in the shared mobility sector. WeMo faces both existing competitors in Taiwan and potential new entrants as it pursues further expansion. The additional capital could help WeMo maintain a competitive edge by increasing its service footprint and deploying new technology platforms. Sector dynamics suggest a market increasingly driven by technological integration, necessitating players like WeMo to offer more versatile and user-friendly solutions.

Looking ahead, WeMo has articulated ambitious growth targets, including doubling its “same-station return” points to 100 by the end of 2026, enhancing service coverage across major train and high-speed rail stations. The company is also progressing with its cross-platform integration efforts, targeting full support for several major digital services by the same deadline. Internationally, WeMo is eyeing Southeast Asian markets such as Thailand, Vietnam, and Indonesia, where it plans to establish a presence once local infrastructure becomes more conducive. Additionally, WeMo is evaluating opportunities in Japan in collaboration with local partners, potentially commencing in late 2027. Regulatory discussions and subsidies for electric scooter procurement in Taiwan remain essential considerations for WeMo's continuing expansion strategy.