UAE-based electric mobility company Terra, has raised a $2 million Seed round from a group of strategic angel investors facilitating the startup’s revenue generation stage
Founded in 2010 by Husam Zammar, Terra offers a battery-swapping and recharging platform along with a line-up of electric vehicles, enabling riders to exchange batteries while optimising last-mile delivery and promoting environmental sustainability.
“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 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.
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.
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.