ALBANY, N.Y., Sept. 18, 2023 — Rail Modal Group (“RMG”), the leading provider of intermodal rail solutions, today announced the successful capital raise of $50 million from The Baupost Group (“Baupost”).

With strategically located premier intermodal rail ramps and container depots in Amarillo, Texas; Fremont, Nebraska; Minot, North Dakota; and Kansas City, Kansas, RMG offers unparalleled efficiency for American producers in the heartland to reach international markets. This capital injection supports RMG’s commitment to providing affordable, dependable, sustainable, and faster trade solutions.

Greg Oberting, Founder and CEO of RMG, expressed his excitement on this milestone achievement. “It was a lot of work to launch this company and build out our infrastructure over the past few years. Today, RMG stands as a beacon of efficiency, helping our partners streamline their reach to global markets at lower costs with a more environmentally friendly footprint,” said Oberting.

He further added, “We sought out Baupost exclusively as our financial partner given their investment track record and their ability to foster successful partnerships.  Having them back us confirms the value that our platform brings to our customers and the growth that lies ahead.  This investment strengthens our ability to grow our high-quality service to American producers, international consumers, and our rail and steamship partners.”

Sidley Austin LLP acted as legal counsel to RMG for this transaction, while Ropes & Gray LLP represented Baupost.

About Rail Modal Group (RMG):
Rail Modal Group is at the forefront of intermodal rail solutions, optimizing the US supply chain through its footprint of inland ports. Rail Modal Group facilitates efficient and sustainable access to international markets for American producers, primarily serving disadvantaged and dislocated supply chain areas. Rail Modal Group has already reduced over 75 million truck miles from US roads and highways through their intermodal terminals.

Press Contact:
Rail Modal Group Email: [email protected]

SOURCE Rail Modal Group LLC

NEW YORK, Sept. 18, 2023 — Bastion (the “Company”), an enterprise-focused web3 orchestrator, today announced the launch of its product suite, enabling companies to seamlessly integrate web3 infrastructure into enterprise technologies though a compliant, white-label platform. Using Bastion’s proprietary routing system, companies can now leverage the utility of the blockchain only when necessary, providing a pragmatic solution for web3 implementation.

Bastion, founded by the former Chief Technology Officer and Chief Security Officer of a16z crypto, empowers enterprises to develop products and experiences that unlock the full potential of web3 for their end users by allowing brands to implement new, or expand existing, infrastructure. Through its comprehensive platform, the Company eliminates the need to individually source solutions such as custody, wallet management, and user onboarding. Bastion combines the simplicity of web2 with the efficiencies of web3, so businesses can create faster, easier ways for people to pay, play, connect, and shop, all while simultaneously offering valuable insights through data analytics.

Nassim Eddequiouaq, co-founder of Bastion, commented, “We founded Bastion to enable businesses to onboard their products and end-users into a web3 environment without the complicated, overwhelming experience we know today. Web3 technologies have tremendous promise, but until now have lacked the enterprise-level infrastructure necessary to support tangible web3 use cases. Additionally, the blockchain industry is at an inflection point, ready to transition into a regulated and safe environment that allows brands and enterprises to thrive. We believe that by leveraging the ease and high-quality user interfaces already working in web2, we can create more immersive and engaging products for users without disrupting the user experience.”

The Company also disclosed today it has secured $25M in seed financing led by a16z crypto, with additional participation from Autograph, Laser Digital Ventures, Not Boring Capital, Robot Ventures, Alchemy Ventures, and Aptos Ventures. The seed round will be used to scale Bastion’s operations, recruit top engineering talent, and secure additional licensing to further diversify Bastion’s product offerings. 

The Bastion product suite is supported by three key pillars that underlie its proprietary web3 infrastructure services and separates the company from other web3 infrastructure providers – ownership & monetization of digital goods, smart transaction routing, and customer analytics.

Ownership & Monetization of Digital Goods

The Bastion product suite enables deeper connections between brands and end users by fostering a sense of ownership. Unlike its competitors, Bastion has adopted a custodial wallet model to provide enterprises with the control and security to ensure their web3 initiatives are successful. With Bastion, end users receive the benefits of digital ownership without the hassle of managing a wallet. Bastion maintains the wallets private keys, allowing for on-chain transfers while also making password recovery simple for end-users. Rather than entering a 12 or 24-word seed phrase, users seamlessly log in to their accounts using their web2 credentials without ever realizing Bastion and blockchain technology are working on the back end.

Smart Transaction Routing

Smart transaction routing recognizes when a transaction requires the utility of a blockchain and when it does not, allowing transactions to be completed rapidly and economically while enhancing the customer experience. Automatically routing interactions off-chain makes more transactions free, instant, and entirely private, ultimately leveraging the best elements of web2 and web3 to maximize the user experience.

Customer Analytics

The Bastion product suite develops a deep understanding of end-users over time by compliantly accumulating data and insights, offering enhanced value to enterprises. Tracking analytics allows companies to learn from users’ on-chain and off-chain activity outside of their own platform, ultimately enabling them to provide customized recommendations for products and services to end-users. By leveraging blockchain technology, these insights ultimately provide smoother interaction between web2 ecosystems.

Riyaz Faizullabhoy, co-founder of Bastion, commented, “Many of the products and services we use daily can be radically improved by blockchain technology, and we’re excited to be able to provide seamless web3 experience that is intuitive and ready for mass adoption. With Bastion, startups and legacy businesses alike now have a pragmatic, accessible platform to improve complex e-commerce flows including subscriptions, buy-now-pay-later, loyalty programs, and more. We are pushing the boundaries of what enterprises can offer in an increasingly digital world, and Bastion is going to redefine how enterprises leverage this technology to improve their product offerings and user experiences.”

For more information, please visit: bastion.com

About Bastion

Bastion is an enterprise-focused web3 orchestrator that empowers businesses to seamlessly build web3 solutions. Founded by two former a16z executives, Bastion is pioneering the evolution of the digital world, providing seamless integration of web3 infrastructure into enterprise technologies. Bastion’s solution is robust, secure, and compliant infrastructure, combining the best of web2 and web3 so companies can create faster easier ways for people to pay, play, connect, and shop, all while simultaneously offering valuable insights through proprietary data analytics.

Media Contact

[email protected]

SOURCE Bastion

LOS ANGELES, Sept. 18, 2023 — Bevz, the leading Software as a Service (SaaS) platform for independently operated and small chain liquor/convenience stores, is pleased to share the securement of $3.1M via their latest fundraising round.

The recent injection of capital will go towards increased sales and marketing efforts, national expansion, ongoing product development, and additional customer success resources.

The round was co-led by Dynamism Capital and Golden Section Ventures, with participation from Stage 2 Capital, Hustle Fund, Bridge Investments, Tiller Partners, Irish Angels, Operate Studio, Silicon Beach Investment Group, and Gryphon Ventures.

We are really excited about our investment in Bevz and the opportunity to disrupt the untapped convenience store market. They have an exceptional team with deep industry, operational, and technical expertise” said Andrew Smith, Partner at Golden Section Ventures. “Even with a tough, disaggregated customer base, they’ve proven that they can scale fast, while maintaining capital efficiency.”

The company recently pivoted from a delivery app to a B2B SaaS platform, helping them reach some notable milestones that aligned with the most recent raise:

–  Hundreds of convenience stores actively using their SaaS platform across 10 states in the U.S

–  Tripled ARR year-over-year

–  15+ API (Application Programming Interface) integrations with companies like DoorDash, GrubHub, Uber, Core-Mark, Plaid, Stripe, DocuSign, and more

–  Maintained 93% conversion from free trial to paid subscription and 99% monthly retention

–  Helped convenience stores increase their revenue by ~$2k/month on average

The latest news also comes on the heels of Bevz’s recent growth announcement, highlighting many big-ticket company wins, from notable new partnerships in place with the likes of DoorDash and GrubHub to roll-out in hundreds of stores.

“We’re on a mission to power the hyper-local snack and drink industry by modernizing convenience stores. We have a ton of work to do, but I know that we have the right team, technology, and strategy in place to make it happen,” said Jason Vego, the CEO of Bevz.

About Bevz
Bevz is a technology platform built for convenience stores, by convenience store owners. Our all-in-one solution allows convenience stores to purchase inventory from distributors, sign-up with and combine multiple e-commerce apps (DoorDash, Uber Eats, Grubhub, etc.), and seamlessly manage inventory. Visit Bevz.com to learn more.

Communications Contact

Taylor Foxman

[email protected]

609-432-2237

SOURCE Bevz

Strategic Partnership Announced Onstage at Climate Week NYC on September 18

AMSTERDAM, Sept. 18, 2023 — Circle Economy Foundation, an Amsterdam-based impact organisation, and Regeneration.VC, an early-stage venture fund, are launching a strategic partnership. This impact-oriented collaboration aims to uncover the most impactful Dutch Consumer ClimateTech businesses and scale them globally.

Global resource consumption has tripled in the last 50 years and the related extraction, handling and consumption of these materials generates 70% of global greenhouse gas emissions. Circle Economy Foundation’s GlobalCircularity Gap Report points out that only 7.2% of these resources are getting reused, creating a systems change opportunity to greatly improve circularity and lower resource extraction.

The Netherlands has established itself as one of the world’s leading circular innovation hubs, drawing support and engagement from policymakers, corporations, top-tier investors and world-class entrepreneurs. Circle Economy Foundation and Regeneration.VC are partnering to accelerate Dutch circular innovations ready for the global stage that can play a pivotal role in tackling the climate emergency.  The initial investment strategy will source best of class early-stage Consumer ClimateTech businesses to build a concentrated Dutch portfolio. 

“Today, many large corporations are investing in reducing or offsetting their scope-3 emissions. We believe this funding is better used to fuel climate innovations in the supply chain. Over 50% of these emissions can be addressed with circular economy solutions. In the Circle Economy—Regeneration.VC partnership, we intend to do just that—invest in start-ups that can help corporations address the root cause of their scope-3 emissions,” says Martijn Lopes Cardozo, CEO at Circle Economy Foundation.

Within the partnership, Circle Economy Foundation will provide state of the art circularity impact measurement across the portfolio. In addition, the foundation will utilize its unique position within the Netherlands to locate and scale the most promising enterprises.  Regeneration.VC will provide due diligence, go-to-market strategy and manage the investment process while its advisory team of top materials, reuse and consumer experts will further accelerate portfolio opportunities globally.

“In many ways, the Netherlands is leading the world in Circularity. From before our inception, Circle Economy Foundation has inspired us to think more quantitatively and thoughtfully about the material flows of companies, cities and countries.  It’s incredibly exciting for our team to actively collaborate to uncover the best technologies addressing consumer supply chain emissions in the epicenter of Circularity.  With upcoming EU regulations, there is tremendous innovation and investment happening in the region and we look forward to bringing it to the US and beyond,” according to Michael Smith, Regeneration.VC General Partner.

“At Circle Economy Foundation, we are devoted to accomplishing real impact on the ground. As a circular entrepreneur, I believe the right partner could be a game-changer in these efforts. Together with Regeneration.VC, we are well-poised to empower entrepreneurs to address the climate challenge,” adds Martijn Lopes Cardozo. 

ABOUT CIRCLE ECONOMY FOUNDATION

Circle Economy Foundation envisions an economic system that ensures the planet and all people can thrive. We are a global impact organisation founded in 2011, and to date have worked with 80+ businesses, 31+ cities and 20+ nations around the world. Our practical and scalable approach is focused on empowering decision-makers from the public and private sectors to develop and implement circular economy strategies and business models. We do this by combining research, data, and digital tools for the greater good.

ABOUT REGENERATION.VC

Regeneration.VC is an early-stage venture fund Supercharging Consumer-Powered Climate Innovation driven by circular and regenerative principles. We invest in Consumer ClimateTech companies across Design (AgTech & Aquaculture and Next-Gen Materials), Use (Apparel & Lifestyle and Food & Beverage brands), and Reuse (Recommerce and Reverse Logistics platforms) strategies that generate measurable environmental impact alongside outsized return potential.

For questions and interview requests, please contact Amy Kummetha, Communications Manager at Circle Economy, at [email protected].

Contact: The Co-Op Agency
Meg Sillivos | 650-421-6774
[email protected]

SOURCE Regeneration.VC

BERKELEY, Calif., Sept. 18, 2023 — ResVita Bio, a synthetic biology startup, announces that it has been awarded a $250,000 Phase 1 Small Business Innovation Research (SBIR) grant by the National Institute of Allergy and Infectious Disease (NIAID). This grant will be used to develop RVB-101, a genetically engineered cell therapy for the treatment for severe atopic dermatitis.

Dr. Amin Zargar, PhD, Chief Executive Officer of ResVita Bio, expressed his excitement regarding the recent achievement. “Within a year, we have been honored to receive two innovation grants from the NIH to develop therapies for both Netherton Syndrome, an orphan disease, and severe atopic dermatitis through our topical cell therapy approach,” Dr. Zargar stated. “This is in addition to our Rare Pediatric Disease Designation for Netherton Syndrome from the FDA, setting the stage for the entry of our therapy into the clinic in 2025.”

Veteran biopharmaceutical executive and a member of the company’s Advisory Board Steven Lo commended ResVita Bio’s vision, stating, “Continuous production of therapeutic proteins can be a game-changer in disease treatment, and ResVita Bio has made remarkable progress bringing their platform to the cusp of the clinic.”

About RVB-101: RVB-101 is a new type of treatment for severe atopic dermatitis, consisting of genetically engineered cells within a moisturizer formulation. Topically applied, the cells temporarily colonize the skin and continuously release proteins that rebuild the epidermal barrier and alleviate inflammation.

About ResVita Bio: ResVita Bio launched in June 2022 on a mission to restore and maintain the vitality of the skin through the topical application of cellular therapies. By genetically programming living cells, ResVita Bio aims to repair disrupted skin and alleviate inflammation in various inflammatory skin diseases, including Netherton Syndrome, atopic dermatitis, acne rosacea, and psoriasis. ResVita Bio is a recipient of the Bakar Innovation Fellowship, NIAMS SBIR award, NIAID SBIR award, and the AbbVie Golden Ticket at UC Berkeley’s Bakar Labs. For more information on the company, please visit its website at www.resvitabio.com or follow its LinkedIn page.

Media Contact:
Amin Zargar
510-905-1413
[email protected] 

SOURCE ResVita Bio

GUANGZHOU, China, Sept. 18, 2023 — On September 13th, Canton Biologics Co., Ltd. announced that it had recently completed a Series C financing round exceeding 300 million yuan. This round of financing was led by SDIC Venture Capital, with participation from Guangdong Technology Financial Group, Taipu Life Science Investment, and Chnin Financial. The funds raised in this round will be channeled towards advancing the company’s R&D in novel biotechnologies, scaling commercial production capabilities, and expanding its global strategic footprint.

Founded in Guangzhou in 2016, Canton Biologics specializes in the large molecule biopharmaceutical CDMO sector, offering end-to-end services from biopharmaceutical CMC development to commercial production and global clinical supply. The company has achieved outstanding results in high-yield cell line development, complex protein expression capabilities, and robust international manufacturing capabilities. Notably, the company has made significant advancements in the lgM molecule expression platform, expression host cells, high-density cell culture, new formulations, and analytical methodologies. In a testament to their operational efficiency, Canton Biologics achieved a milestone by transitioning from DNA synthesis to CMC production in a mere 7 months, facilitating the swift progression from customers’ therapeutics into clinical trials.

Dr. Xiao Shen, founder and CEO of Canton Biologics , said, “I am deeply grateful to the investors in this round for recognizing Canton Biologics’ technical expertise and growth potential. From our inception, we’ve been anchored by values of ‘reliability, efficiency, and innovation’, and inspired by our vision of empowering future with biotechnology. This financing round will further bolster our progress in biotechnological R&D, strengthen our global presence, perpetually support our partners, and ultimately serve more patients.”

The lead investor, SDIC Venture Capital, holds a bullish outlook on Canton Biologics’ prospective growth and global expansion, because Canton Biologics is a flagship entity in the large molecule drug CDMO sphere, with extensive expertise and robust technical foundations in areas such as proprietary cell line development, pre-clinical pharmaceutical formulation, large-scale commercial manufacturing, and integrated clinical supply chain management.

The co-investor, Guangdong Technology Financial Group, stated that Canton Biologics’ accelerated growth plays a strategic role in enhancing the R&D outsourcing landscape within Guangdong province.

The co-investor, Taipu Life Science Investment, also have a favorable view of Canton Biologics as it boasts a global perspective, a commitment to customer-centric service, a dynamic management cadre, an innovative technical team, and robust capabilities in the industrialization of biotechnologies.

SOURCE Canton Biologics Co., Ltd.

WEST COLUMBIA, S.C., Sept. 15, 2023 — Nephron Pharmaceuticals Corporation (“Nephron”) today celebrated a successful $350 million capital raise – led by BlackRock Capital Investment Advisors, LLC (“BlackRock”) and PNC Bank, National Association (“PNC) – to support future growth of the pharmaceutical manufacturer.

The announcement was the culmination of collaboration among leaders at all three entities and kicked off a new era of unlimited potential for Nephron, a company known for bringing jobs to South Carolina and delivering life-saving medications to patients from coast to coast.

“When I had the honor of assuming the role of CEO at Nephron, I had a vision that included expanding the reach of our company to deliver life-saving medications to as many patients as possible,” said Nephron CEO and Owner Lou Kennedy. “We have never lost our focus, we have continued to grow, and, with this partnership, we are in the position to thrive. This is something we can all celebrate, as we help patients and doctors far beyond the borders of our state. I thank our partners at BlackRock, PNC, and not to mention, many others who have invested in our cause and had our backs. We look forward to working together for many years to come.”

Huron Transaction Advisory LLC served as Investment Banker and Huron Consulting Services LLC acted as Financial Advisor while John A Sowards LLC and Maynard Nexsen PC served as Legal Counsel to Nephron.  White and Case LLP and Ropes & Gray LLP served as Legal Counsel to BlackRock, while Blank Rome LLP served as Legal Counsel to PNC.

A West Columbia, S.C.-based company, Nephron develops and produces safe, affordable generic inhalation solutions and suspension products. The company also operates an industry-leading 503B Outsourcing Facility division which produces pre-filled sterile syringes, luer-lock vials, IV bottles and IV bags for hospitals across America, in an effort to alleviate drug shortage needs. For more information, please visit www.nephronpharm.com.

Media Contact: Connor Watkins, cwatkins@nephronpharm.com

SOURCE Nephron Pharmaceuticals Corporation

WASHINGTON, Sept. 15, 2023 — Founded by Samir N. Kapadia, The India Index LLC (India Index) successfully raised $500K in their seed funding round, led by a group of private investors from the United States and India. Key investors including Mr. Parth Jindal (JSW Group), Mr. Vaaman Sehgal (Motherson Group), Mr. Robert Lansing (Westminster Capital) and other private investors participated in the pre-seed round. India Index is a cloud-based B2B supply chain marketplace that helps American buyers and Indian suppliers search, filter and vet supply chain partners through a seamless and cost-effective process.

Since its launch, India Index has managed to establish a growing network of users across India and the United States. From JSW Group to Bharat Forge Limited, some of India’s largest enterprises use India Index to capture export opportunities in the U.S. market. The platform is used by start-ups and Fortune 500s alike, to search and evaluate supply chain partners, highlight their company values and optimize trade relationships to be more profitable. 

In the wake of high tariffs, ethical sourcing mandates, national security concerns and other geopolitical factors, American importers have never been more driven to exit their Chinese supply chains and contract with India. Many multinational companies, from Tesla to Apple, have now looked to India as a viable, long term supply chain partner. However due to fragmented data on suppliers, complex language barriers and inferior search platforms, India has yet to capture the global supply chain paradigm shift at scale.

Observing these gaps in the supply chain ecosystem, Samir N. Kapadia, a U.S.-India trade advisor and tech startup executive, launched India Index. For the past 10 years, Kapadia has served as Principal and Head of Trade of Vogel Group, a consulting firm in Washington, D.C., leading the firm’s trade practice. Over his career as a consultant, Kapadia has advised on billions of dollars in foreign direct investment, helping some of India’s largest conglomerates enter the United States market. In 2015, Kapadia concurrently served as Head of International Expansion for Hinge, a global online dating application fully owned by Match Group. At Hinge, Kapadia spent two years leading the dating app’s market entry into India.

With forecasts indicating Indian exports to reach 1 trillion by 2030, India Index aims to leverage the unique offerings of its platform to gain a firm foothold in the global trade spectrum. Talking about the strategy to allocate the newly infused funds, Samir Kapadia, Founder & CEO, India Index, said, “With India Index, we are committed to increasing visibility, connectivity and commercial activity between U.S. buyers and Indian suppliers. With the funds, we are building capacities to optimize the platform, going beyond search, evaluation, document review and workflow management solutions. Our new tools will allow U.S. buyers to conduct transaction and logistics services on platform, completing the supply chain journey all in one place. We are a digital infrastructure company, facilitating trade between the world and India at scale.”

“The United States has long been a valuable trade partner for India, but small and medium sized companies across our country lack the tools and resources to access those export markets. India Index will help democratize access for all Indian companies that want to participate in global trade. We need platforms like India Index to inspire every Indian company to show the world what we can do as a country.” – Mr. Parth Jindal, Investor and Board of Advisors Member.

“The economic relationship between the United States and India holds unlimited promise for improving livelihoods and propelling long-term growth in both countries. Samir Kapadia’s work to draw our industries closer than ever before is important, and India Index provides the chance for U.S. firms to connect with Indian partners that seek to build sustainable ties with markets across the Indo-Pacific.” – The Honorable Atul Keshap, President, U.S.-India Business Council, U.S. Chamber of Commerce and former Principal Deputy Assistant Secretary of State for the Bureau of East Asian and Pacific Affairs.

“Now more than ever, American importers want to work with ethical, transparent and responsible supply chain partners. India is the natural winner there, but there’s a gap in digital infrastructure to be closed in order to scale the opportunity. India Index is changing that by offering Supply Chain Certification for Indian suppliers.” – Mr. Robert Lansing, India Index Investor.

About India Index:

Launched in 2022, India Index is a B2B supply chain marketplace that connects Indian suppliers with the world. Helmed by Samir N. Kapadia, a U.S.-India trade advisor and tech startup executive, India Index is a cloud-based platform that helps international buyers and Indian suppliers search, filter and vet supply chain partners through a seamless and cost-effective process.

Photo: https://mma.prnewswire.com/media/2212149/Image.jpg
Logo: https://mma.prnewswire.com/media/2212136/INDIA_INDEX_LOGO.jpg

SOURCE India Index

Highlights

• The round was done at a premium to its prior valuation, amid challenging market conditions and scarcity of funding for startups in the Latin America VC ecosystem.
• Mottu is a motorcycle rental company focused on enabling income-generation for hard working delivery gig workers while also building the power-grid for LatAm’s last-mile.
• Round was co-led by QED Investors and Bicycle Capital, former Softbank executives Marcelo Claure’s and Shu Nyatta’s new venture capital firm, with participation from Endeavor Catalyst and Caravela.
• With this capital, the company will expand geographies, improve operational efficiency and customers’ experience.

SAO PAULO, Sept. 15, 2023 — Mottu, a Brazilian motorcycle rental company and last-mile delivery marketplace, today announced it has raised $50M in a Series C round of funding co-led by QED Investors and Bicycle Capital. Endeavor Catalyst and Caravela also participated in the round. Mottu has secured over $150M in financing since its inception. The latest funding round has attracted world class investors, further enhancing Mottu’s cap table that boasts notable names like Michael Moritz, Base Partners, and Tiger Global.

Mottu started in 2020 with a mission to help workers at the bottom of the pyramid generate income for their families by offering low-cost daily motorcycle rentals for delivery drivers and couriers who could not afford to buy a vehicle or who did not have access to credit.

Mottu’s motorcycle rental business now serves around 50,000 customers, and it has evolved into a comprehensive last-mile logistics ecosystem connecting restaurants, retailers, and e-commerce businesses with delivery couriers. Now, the company is also entering the mobility market, focused on the large population of commuters in Brazil and Mexico who frequently rely on public transportation services with poor quality.

Marcelo Claure, Bicycle Capital Founder and Executive Chairman, stated that Bicycle Capital is very excited to be partnering with Mottu. “Mottu is a company we admire for its solid business and real social impact, serving the underserved and improving the lives of thousands of customers.”

“Mottu stands out as a rare combination of high growth, operational excellence, profitability, and capital efficiency. This achievement is a direct result of a dedicated and exceptional team that have proven to be financially rigorous operators, precise capital allocators, and sophisticated supply chain managers. We are very excited to partner with Mottu as Bicycle’s first investment,” Claure added.

“Mottu is doing more than just transforming the mobility and motorcycle rental ecosystems across Latin America, it is changing the reality of millions of people who traditionally would have no credit and no way to start fighting for a better livelihood,” said QED Managing Partner Nigel Morris. Chuckie Reddy, the responsible partner for the deal, added, “This impact can be seen in Mottu’s stunning growth over the past three years as it has delivered a best-in-class experience. This round will enable Mottu to raise its high-quality bar even higher.”

Mottu controls its operations end-to-end in more than 30 cities in Brazil and Mexico, so it had to establish its own assembly line in Manaus to meet the increasing demand for rentals. Mottu Sport is the only SKU assembled by Mottu and stands out as the most fuel-efficient motorcycle in Latin America, available for as little as $3.7 per day, with no credit score requirements.

“We’ve been close to Mottu since its inception. Even though they’ve never failed to impress us with their growth and vision throughout the years, we believe this is only the beginning,” says Mario Delara, Caravela’s managing partner.

Rubens Zanelatto, founder and CEO, said Mottu will use the funds to continue expanding in Brazil and Mexico, achieving greater operational efficiency, and providing its customers with a better experience across all its products. “I am very proud of my team and what we achieved so far; we will keep hustling on and building an enduring, highly efficient business to deliver our mission of helping those who want an opportunity to thrive.”

About Mottu

Mottu believes that those who wake up early and face the street must work with safety and without fear. Hence, it offers a reliable and user friendly motorcycle rental model and a last mile logistics service to promote work opportunities for couriers and better service level for retailers. Read more in https://mottu.com.br/   

About Bicycle Capital

Bicycle Capital is a new growth equity firm focused on Latin America. The firm was founded by Marcelo Claure and Shu Nyatta, with an investment team located in Miami, Sao Paulo and Mexico City. Bicycle’s strategy is to partner very selectively with the best founders in the region, helping them scale their startups into resilient and valuable companies. See more: https://bicycle.capital/

About QED Investors

QED Investors is a global leading venture capital firm based in Alexandria, Va. Founded by Nigel Morris and Frank Rotman in 2007, QED Investors is focused on investing in disruptive financial services companies in the U.S., the U.K. and Europe, Latin America, Southeast Asia and Africa. QED Investors is dedicated to building great businesses and uses a unique, hands-on approach that leverages our partners’ decades of entrepreneurial and operational experience, helping their companies achieve breakthrough growth. Notable investments include AvidXchange, Bitso, Current, Creditas, Credit Karma, Kavak, Klarna, Konfio, Loft, Nubank, QuintoAndar, Remitly and SoFi. See more: https://www.qedinvestors.com/

SOURCE Mottu