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December 14, 2023

Vammo Secures $30M to Power EV Growth in Brazil

The wheels of Electric Vehicle market have been spinning with undeniable vigor in the initial months of 2023

The first half of 2023 has marked a robust surge in the Electric Vehicle (EV) market, signaling the escalating popularity of EVs worldwide. Notable players such as Advanced Electric Machines and Revolv have witnessed substantial funding, contributing to the EV boom.

In the global EV landscape, Mainland China emerges as the frontrunner, commanding a staggering 55% of global EV sales during the initial half of the year, totaling 3.4 million units. However, this surge isn't exclusive to China, as other regions, including Brazil, witness a remarkable uptick in EV adoption.

In Brazil, motorcycles and mopeds are emerging as the fastest-growing mode of mobility. Reflecting this transformative shift, São Paulo-based eMobility startup Vammo has secured a significant milestone with $30 million in equity and debt financing.

The Series A funding, spearheaded by leading Brazilian venture capital firm Monashees, renowned for investments in Addi, JOKR, and Ualá, sets the stage for Vammo's ambitious expansion. With additional contributions from Construct Capital, 2150, and Maniv Mobility, this follows last year's $8.5 million seed round, where Monashees also played a pivotal role.

Vammo is poised to establish a production factory in Manaus, with a visionary goal of achieving a 50-fold increase in its customer base by 2025. The company aims to assert its dominance across Latin America as early as 2024, catalyzed by localized assembly of motorcycles, cabinets, and batteries.

Founded in 2022 by Jack Sarvary, a former Rappi executive, and Billy Blaustein, a former Tesla executive, Vammo is on a mission to curb carbon emissions and enhance mobility accessibility. The startup offers an innovative and affordable all-in-one EV rental service, focusing on electric motorcycles and battery rentals.

Vammo's business model encompasses flexible leasing, allowing customers a cleaner and economical alternative for navigating São Paulo. The company facilitates an extensive network of battery-swapping stations strategically located across the city, ensuring users can easily exchange discharged batteries for fully charged ones at a nominal weekly subscription cost. In just 10 months, customers have collectively covered over 4 million kilometers, with more than 150,000 battery exchanges.

Carlo Dupuzzo, Partner at Monashees, expressed enthusiasm for supporting Vammo's electrification journey, recognizing the company as a leader in Latin America. The fresh capital injection will fuel Vammo's plans for operational expansion in São Paulo and throughout Latin America.

Jack Sarvary, Vammo’s CEO, envisions developing infrastructure that makes electric mobility a reality in the region, emphasizing the crucial role of two-wheeled vehicles in driving the transition to electric mobility in Brazil. The funding represents a crucial step in Vammo's mission to transform the cultural landscape of mobility in Latin America.

Josefina Dipaolo
Josefina Dipaolo
Content writer at TechNews180
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