Terra closes a $2 million seed funding round to support the electric vehicle industry
Terra, a pioneer in the electric vehicle (EV) industry in the Middle East and North Africa (MENA) region, has announced the closure of its seed funding round, successfully raising $2 million from a group of strategic angel investors, marking a significant milestone towards revenue generation for the company.
Terra aims to utilize these funds to enhance its technical and technological capabilities, providing a smoother and more advanced experience for customers.
Additionally, the funding will be used to strengthen relationships with key stakeholders and establish new connections in preparation for its upcoming Series A funding round.
Terra offers e-mobility solutions to corporations, featuring a battery-swapping and recharging platform along with a lineup of electric vehicles.
This enables riders to seamlessly exchange batteries, optimizing last-mile delivery and promoting environmental sustainability. The batteries can be swapped at Terra’s extensive network of swapping stations planned for installation across the United Arab Emirates.
The recent funding will support upgrades to Terra’s electric bikes and battery-swapping concept, incorporating feedback from comprehensive testing to optimize the product in alignment with evolving market needs.
The funds will also be allocated to source the next batch of electric bikes and patent Terra’s innovative intellectual property for its unique design and technological processes.
On the corporate user side, Terra plans to enhance its mobile application for riders and dashboard features for cloud-fleet management operators in the last-mile sector, ensuring a seamless experience.
Internally, Terra aims to establish a well-defined organizational structure to facilitate streamlined communication, strategically aligning all roles and responsibilities to support the company’s long-term objectives.
Husam Zammar, Founder and Managing Director of Terra, commented on 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.
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.”
Terra is currently planning its Series A funding round, set to open in the first half of 2024, with the aim of partnering with growth venture capitalists and further deepening relationships with existing investors.
Since raising pre-seed funding in early 2023, Terra has achieved significant milestones, including launching its first fleet of electric motorbikes, establishing the MENA region’s inaugural swapping station, and recruiting a skilled workforce of over 30 employees.
