UAE-based electric mobility company Terra, has raised a $2 million seed round from a group of angel investors
The funds will enhance Terra’s technological capabilities and physical infrastructure, aiming to offer improved services, strengthen stakeholder relationships, and establish new connections ahead of its Series A funding round.
Specialising in e-mobility solutions, Terra provides:
- A battery-swapping and recharging platform along with a range of electric vehicles.
- Facilitating seamless battery exchanges for riders.
- Optimising last-mile delivery.
- Promoting environmental sustainability through its network of swapping stations across the UAE.
The recent funding will support upgrades to Terra’s electric motorbikes and battery-swapping technology, integrating feedback from extensive testing to align the product with evolving market demands. Additionally, the funding will aid in sourcing the next batch of electric motorbikes and patenting Terra’s innovative intellectual property related to design and technological processes.
On the corporate user front, Terra aims to enhance its mobile application for riders and dashboard features for cloud-fleet management operators, ensuring a smooth experience in the last-mile sector.
Internally, Terra plans to establish a structured organisational setup to facilitate efficient communication and strategically align roles and responsibilities with its long-term objectives.
“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 gearing up for its upcoming Series A funding round in the first half of 2024, seeking partnerships with growth venture capitalists and further engagement with existing investors.
Since securing pre-seed funding in early 2023, Terra has made substantial progress, launching its first fleet of electric motorbikes after extensive testing, setting up the region’s first swapping station with necessary legal approvals, acquiring number plates and registrations for its motorbikes, launching mobile applications and dashboards, and assembling a skilled workforce of over 30 employees.