Dubai-based Neo Mobility Secures US$10m in Seed Funding
The Investment will Help the Startup Make More Climate Friendly EVs
Dubai-based EV logistics firm, Neo Mobility, announced it secured $10 million in funds in a seed round, according to a company statement.
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The funding was raised from green asset financing platform Delta Corp Holdings, global logistics and distribution company Pyse Sustainability Fund, and other angel investors.
The investment will help the startup in its expansion plan for its current fleet.
The company’s plan is to have 5,000 two-wheeler and four-wheeler EVs in its fleet by 2025.
Neo Mobility planning to use e-motorbikes rather than the petrol-powered mopeds usually seen on UAE roads.
The EV fleet is initially operating in the business-to-business (B2B) sector, beginning with motorbike deliveries.
There are currently 90,000 motorbikes on UAE roads, resulting in 480,600 tonnes of CO2 emissions per year, equivalent to over 53 billion smartphones charged, or over 49 million gallons of gasoline consumed, the company said.
Abhishek Shah, CEO, and co-founder, said in a company statement: “These funds will support the development of cutting-edge technology team expansions, aimed at optimizing fleet deployment and elevating the customer experience.”