Motorcycle rental firm Mottu from Sao Paulo has raised US $30 million in equity in a Series B round of fundraising.
Additionally, on June 30, 2022, the business, which wants to provide independent couriers with a chance to work for logistics and food delivery applications, secured US $10 million in debt financing.
What the founder has to say:
CEO and founder Rubens Zanelatto:
“Our clients are jobless individuals with extremely low credit scores. They cannot rent or purchase a motorcycle from a dealer to use as a courier. And we eliminate every obstacle in the way of couriers’ ability to perform their jobs. We want a courier to choose our business model without thinking about it.
Customers of the firm Mottu pay a weekly leasing price of roughly US $150 per month, leading the company to refer to their service as Hardware-as-a-service. Most of its customers earn more than the Brazilian minimum wage, US $300 per month.
Additionally, there has been an increase in reported robberies committed by phony couriers in Brazil. Motorcycles with the Mottu logo and tracking offer everyone an additional layer of protection.
If they don’t pay us, we’ll block the bike. They want to pay us because they need the motorcycle to keep producing money.”
What the investors have to say:
Fernando Spnola, partner of Base:
“Many SaaS solutions are being developed in Latin America to assist small and medium-sized businesses in operating online, but the truth is that successful online commerce requires solid logistics, which is the most difficult component of the puzzle.”
More about Mottu:
In its hometown of Sao Paulo, Mottu began operations in early 2020 with a fleet of 200 motorcycles. By the end of the year, there were a total of 1,000 motorcycles and US $2 million in recurring revenue (ARR). With a fleet of 10,000 motorcycles, the firm already operates in eight Brazilian and Mexico cities. In 2021, its ARR increased five times, bringing it to US $10 million by the end of the previous year.
Mottu has expanded its business over time and now offers much more than just motorcycle rentals. Additionally, it provides its tenant’s finance, insurance, maintenance, and round-the-clock service. Mottu also has a driving school for those who want to work as a courier.
Its most recent funding comes after a US $20 million Series A round in early 2021, which, according to Zanelatto, let the company significantly expand its fleet, go global, and develop its delivery service, which over 1,000 shops now use. Mottu intends to use some of its new funding to increase its 400-person staff by adding more than 50 senior engineers and a chief technology officer (CTO) to the team.
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