TERRA TECH Ltd. (Terra), a trailblazer in the Electric Vehicle (EV) Industry within the MENA region, successfully concluded its seed funding round, securing $2 million from a consortium of strategic angel investors. This marks a significant milestone for the startup as it enters the revenue generation stage. The funds raised will be utilized to bolster both the physical and technological aspects of Terra, enhancing customer experiences and solidifying relationships with key stakeholders. Additionally, the capital will be instrumental in establishing new connections in anticipation of the upcoming Series A funding round.
Specializing in e-mobility solutions for corporations, Terra offers a comprehensive battery-swapping and recharging platform, coupled with a lineup of electric vehicles. This facilitates seamless battery exchanges for riders, optimizing last-mile delivery and championing environmental sustainability. Terra plans to deploy an extensive network of swapping stations across the UAE to support this service.
The recent funding will support upgrades to Terra’s electric motorbikes and battery-swapping concept, incorporating feedback from extensive testing to align with evolving market needs. Furthermore, the startup aims to source its next batch of electric motorbikes and secure patents for its innovative intellectual property, focusing on unique design and technological processes.
On the user front, Terra intends to enhance its mobile application for riders and dashboard features for cloud-fleet management operators in the last-mile sector, aiming to provide a seamless experience.
Internally, Terra is committed to establishing a well-defined organizational structure, promoting streamlined communication, and ensuring strategic alignment of roles and responsibilities to support long-term objectives.
Husam Zammar,
Founder and Managing Director of Terra.
“As Terra enters its revenue generation cycle, discussions with prominent partners are expected to pave the way for improving proprietary assets and business models, ensuring enhanced product and service delivery for clients in the UAE.”
Looking ahead, Terra is gearing up for its Series A funding round scheduled for the first half of 2024. The startup aims to collaborate with growth venture capitalists and deepen relationships with existing investors. Since securing pre-seed funding in early 2023, Terra has made significant strides, including the launch of its first fleet of electric motorbikes, establishment of the MENA region’s inaugural swapping station, and compliance with all legal requirements. The startup has also issued its first number plate, completed legal registrations for all electric motorbikes, launched a mobile application and dashboard, and built a skilled workforce of over 30 employees.
