Mexican electric mobility company VEMO raised around USD $63 million to expand its electric vehicle fleet and charging network. The investment round was led by Beel Credit, Banco Covalto, Kapital and Promecap
Founded in 2021, VEMO offers end-to-end electric mobility solutions, including electric vehicle leasing, charging stations and fleet management. VEMO helps independent drivers transition from gasoline-powered vehicles to electric vehicles with a simple, comprehensive system that facilitates fleet electrification.
The company has deployed more than 600 public charging points to date throughout Mexico and operates one of the largest electric vehicle transportation and last-mile delivery fleets in that country.
With this investment, VEMO intends to expand its electric fleet, install more charging infrastructure and improve its fleet management technology. They also want to expand VEMO Impulso, their vehicle leasing program for passenger transport drivers with operations in Mexico.
The program includes exclusive benefits such as access and preferential pricing at the more than 600 chargers of the VEMO Charging Network, the most robust and reliable public charging network in Mexico.
These financing lines will allow VEMO Impulso to continue consolidating its position in leasing to drivers of mobility platforms, democratizing access to credit for thousands of drivers with an entrepreneurial spirit so they can build equity.
“Our comprehensive model to form a clean mobility ecosystem allows us today to employ more than 2,000 people that we seek to contribute to a mobility decabonixation effort that benefits us with better user experiences and cleaner air in our cities,” Aaron Saenz, Director of VEMO Impulso, told Contxto.
Currently, more than 3,500 independent drivers have financed their vehicles with VEMO Impulso and more than 50% opt for clean mobility solutions, driven by the experience of use and the economic advantages that this option offers. This model not only transforms the way they work, but also opens up opportunities for them to grow and professionalize in a constantly evolving sector.
“We seek to accelerate the adoption of clean mobility technologies through an innovative and pioneering comprehensive solution that includes vehicles, charging infrastructure, technology and data intelligence for fleet management, as components that make up a clean mobility ecosystem,” adds Saenz.
Siemens, Uber, Santander and BYD are some of the global leaders that VEMO has partnered with to help companies and drivers reduce fuel costs, lower emissions and accelerate the use of electric transportation in Mexico.
In February 2024, the company also closed a strategic round of capital with Orion Infrastructure Partners (OIC), who joined Riverstone Holdings as the second U.S. fund specializing in sustainable infrastructure to invest in the Mexican company.
Add a comment
