June 13, 2024

Terra raises USD 2Mln to expand its EV fleet

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Terra raises USD 2Mln to expand its EV fleet
Terra raises USD 2Mln to expand its EV fleet

UAE-based electric mobility company Terra has raised $2 million to expand its fleet and further boost its offering in the last-mile delivery sector.

The tech start-up, which provides electric motorbikes to corporations, raised the fresh capital from a group of angel investors, it said in a statement on Friday.

Established in 2021, the company recently launched its first fleet of electric motorbikes shortly after a pre-Seed round. Besides a fleet of electric vehicles, Terra operates a battery-swapping and recharging platform, enabling riders doing last-mile deliveries to exchange batteries.

Terra raises USD 2Mln to expand its EV fleet

“Upgrades to Terra’s electric motorbikes and battery-swapping concept … will be supported by the recent funding,” the start-up said. It added that the company also plans to source its next batch of electric motorbikes.

“Completing our seed round indicates a tremendous opportunity and potential growth in building a sustainable solution for last-mile delivery in the region,” said Husam Zammar, Founder and Managing Director of Terra.

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