June 13, 2024

Terra raises USD 2Mln to expand its EV fleet

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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