Smart mobility startup RushOwl has raised $10 million in a Series A funding round led by Gobi Partners as the ride-sharing startup looks to scale its AI-driven shuttle network across Asia and ready its fleet technology for vehicles.
Hong Kong Investment Corporation, the government-backed fund, is also co-investing in the round, per a company statement.
Founded in 2018, RushOwl has built its business around RushOS, an algorithm that pools ride requests, trimming commute times by 30% and cutting carbon emissions in half. The platform handles more than 4,000 daily trips and has clocked 1.5 million rides to date, serving about 250,000 users in Singapore, India, and Hong Kong.
The fresh capital will bankroll expansion into the Philippines, South Korea, and Malaysia, where RushOwl also plans to open an R&D centre. The startup will add to its B2B sales team and pursue licensing opportunities for RushOS with fleet operators.
RushOwl works with corporates, schools, and public institutions, including Asia Pacific Breweries, CBRE and Singapore’s Ministry of Education. It has secured eight-figure contracted revenues through multi-year agreements, positioning itself as a data-driven alternative to fixed-route shuttle providers.
The deal underscores the growing appeal of urban mobility platforms among Asian investors. “One of the most vital elements of smart cities is transportation that is not only affordable, but also sustainable,” said Chibo Tang, managing partner at Gobi Partners. The VC firm made the investment through three of its managed funds across Hong Kong and Malaysia, the statement said.
HKIC’s CEO Clara Chan added that the investment reflects Hong Kong’s push to back companies addressing “urban and sustainability challenges that are highly relevant to major cities.”
The announcement follows DealStreetAsia’s report in May, which said that the startup welcomed Gobi Partners and Alibaba Group as shareholders, securing a combined S$9.8 million (approx. $7.3 million) in capital, marking the company’s largest funding round to date.
Gobi Partners led the round with a S$6.75-million commitment via its Gobi SMA I, LPF fund, while Alibaba Entrepreneurs Fund, the not-for-profit initiative backed by Alibaba Group, invested S$3 million in the Singapore-based company.
The latest round brings RushOwl’s total paid-up capital to S$13.2 million. Based on the latest share allotment price of S$20.80, the company is now valued at approximately S$46.2 million, according to DealStreetAsia’s estimates.
Earlier this year, RushOwl launched NightOwl, a flat-fare late-night shuttle service targeting commuters during post-midnight hours on weekends. The service, available via the company’s RushTrail app, aims to offer a safe and affordable alternative to surge-priced ride-hailing.
