Bangladesh based startup Tiger New Energy secures USD 3.5mln funding

Tiger New Energy, a Bangladesh based startup established in 2021, has secured an additional USD 1 million in funding from ADB Ventures following Tiger's USD 2.5 million seed round led by Wavemaker Partners last year, propelling the rollout of its battery swapping technology across Bangladesh. Md. Ismail Hossain, Manager, Brand & Marketing of Tiger New Energy confirmed the funding to The Daily Star.

Founded by Harvard Business School alumni Nicole Mao and Yiwei Zhu, Tiger is tackling Bangladesh's urban transportation issues by offering eco-friendly energy solutions to over approximately 4 million rickshaws.

Tiger New Energy technology includes Offline Swapping and Reverse Charging features, ensuring continuous service during power outages and contributing to grid stability as Decentralised Energy Storage Systems (DESS).

The funding round was led by Wavemaker Partners with participation from ADB Ventures. The round's other investors include 500 TukTuks, Orvel Ventures, Humble, Penataran Management, Brett Barna, an undisclosed Singaporean family office, and an undisclosed angel investor.

With this funding, Tiger plans to expand its battery swapping network to serve more than 10,000 rickshaw drivers across Bangladesh, enhance research and development efforts, and explore new regional markets. Tiger New Energy is preparing for its Series A funding round at the end of 2024.