Electric Mobility Startup Secures $2 Million Seed Funding
TERRA TECH Ltd. (Terra), a pioneer in the MENA region’s Electric Vehicle (EV) Industry closed its seed funding round raising $2 million from a group of strategic angel investors facilitating the startup’s revenue generation stage – a significant milestone. Terra intends to use the funds to enhance its physical and technological capabilities offering a smoother and more sophisticated experience for customers while strengthening relationships with key stakeholders and forging new connections ahead of its scheduled Series A funding round.
Providing e-mobility solutions to corporations, Terra provides a battery-swapping and recharging platform along with a line-up of electric vehicles, enabling riders to exchange batteries seamlessly while optimizing last-mile delivery and promoting environmental sustainability. Batteries can be swapped at the firm’s extensive network of swapping stations that are planned to be installed across the UAE.
Upgrades to Terra’s electric motorbikes and battery-swapping concept alongside integrating feedback from extensive testing for an optimized product in line with evolving market needs, will be supported by the recent funding. Sourcing its next batch of electric motorbikes and patenting its innovative intellectual property for its unique design and technological processes are also planned.
On the corporate user side, Terra plans to improve its mobile application for riders and dashboard features for cloud-fleet management operators in the last-mile sector to enjoy a seamless experience.
Establishing a well-defined organizational structure to foster streamlined communication, ensuring all roles and responsibilities are strategically aligned to support Terra’s long-term objectives comprise the startup’s internal aims.
“Completing our seed round indicates a tremendous opportunity and potential for growth in building a sustainable solution for last-mile delivery in the region. Having entered our revenue generation cycle, this operational step leads to long-term discussions with prominent partners facilitating a pathway to improving our proprietary assets and business model to ensure an improved product and service delivery for our clients in the UAE,” said Husam Zammar, Founder and Managing Director of Terra.
Terra is currently planning for its series A funding round that will open within the first half of 2024. The startup hopes to partner with growth venture capitalists and deepen relationships with existing investors.
Having raised pre-seed funding at the start of 2023, Terra has since launched its first fleet of electric motorbikes accompanied by rigorous testing with potential clients. The startup has also established the MENA’s inaugural swapping station by obtaining all legal approvals, certifications, and approvals from authorities, enabling its motorbikes seamless entry into any country within the region. It has also issued its first number plate, completed legal registrations for all its electric motorbikes, launched its mobile application and dashboard for use by prospective riders and customers respectively, and has recruited a skilled workforce of over 30 employees.
Last Updated on 12 months by News Desk 1
