Terra Tech Raises US$2 Million to Power Up MENA's Electric Vehicle Landscape
Terra, a trailblazer in the EV industry in the MENA region, has successfully closed its seed funding round, raising an impressive US$2 million from a group of strategic angel investors. This significant financial boost marks a crucial milestone for Terra as it propels towards the revenue generation stage, aiming to fortify its physical and technological capabilities.
Terra's primary focus lies in providing cutting-edge e-mobility solutions to corporations, offering a unique battery-swapping and recharging platform along with a diverse lineup of electric vehicles. This innovative approach allows riders to seamlessly exchange batteries, optimising last-mile delivery operations and promoting environmental sustainability. The ambitious startup plans to deploy an extensive network of swapping stations across the UAE.
The recent injection of funds will facilitate upgrades to Terra's electric motorbikes and battery-swapping concept, incorporating valuable feedback from extensive testing to ensure a product aligned with evolving market needs. Additionally, Terra aims to source its next batch of electric motorbikes and patent its groundbreaking intellectual property, solidifying its position as an industry leader.
On the user side, Terra intends to enhance its mobile application for riders and dashboard features for cloud-fleet management operators, providing a seamless experience in the last-mile sector. A well-defined organisational structure is also in the works to foster streamlined communication and align roles and responsibilities strategically, supporting Terra's long-term objectives.
Husam Zammar, Founder and Managing Director of Terra, expressed enthusiasm about completing the seed round, stating, "Completing our seed round indicates a tremendous opportunity and potential for growth in building a sustainable solution for last-mile delivery in the region." He highlighted that this operational step opens avenues for long-term discussions with prominent partners, paving the way for the improvement of proprietary assets and business models to enhance product and service delivery in the UAE.
Terra is currently gearing up for its Series A funding round, scheduled to open in the first half of 2024. The startup aims to partner with growth venture capitalists and deepen relationships with existing investors, following the successful pre-seed funding it secured at the beginning of 2023.
Since raising pre-seed funding, Terra has achieved notable milestones, including the launch of its first fleet of electric motorbikes, establishment of the MENA's inaugural swapping station with all necessary legal approvals, and recruitment of a skilled workforce of over 30 employees. The startup is well on its way to revolutionising last-mile delivery solutions and making strides towards a sustainable future in the MENA region's EV industry.
