Vammo, the electric mobility startup, announced that it has raised a Series A round of USD$30 million, led by monashees with participation from Construct Capital, 2150, and Maniv Mobility.
The capital will be used to expand operations in São Paulo and expand to other countries such as Colombia and Mexico.
Created by Americans Jack Sarvary (exRappi) and Billy Blaustein (exTesla), the startup rents electric motorcycles from different brands, including battery exchange and maintenance services. The target audience is the fleet of motorcycle couriers working in São Paulo.
“Our goal is to develop the infrastructure necessary for electric mobility to become a reality in the region.
“We are excited to bring to Brazil investors who are betting on Vammo to lead this transition and who, like us, believe that two-wheeled vehicles will be the first to popularize among electric vehicles truly,” says Sarvary, CEO, in a statement.
Launched last year as Leoparda Electric, the startup underwent a rebranding in early 2023. It has eight battery exchange stations in São Paulo and more than 300 customers.
The founders plan to open a factory in Manaus in the coming months to scale the business by producing motorcycles and Vammo batteries.
“We believe that, here in Brazil, this electric mobility revolution will not happen top-down, as it did in Europe and the United States, with brands like Tesla. Motorcycles, not cars, will drive the electrified market and transform the mobility culture.
“Electric cars are still too expensive for the majority of the population, but our proposal offers a cheaper solution that can appeal to both millionaires and low-income populations,” explains Blaustein, COO of Vammo.
According to information from the startup, 15% of global CO₂ emissions are generated by road vehicles. This translates to 5.9 billion tons of CO₂ per year. However, only 1% of motorcycles sold in Latin America are electric.
