Sau Paulo, Brazil-based motorcycle rental company and last-mile delivery marketplace Mottu raised USD 50 million in Series C. The round took place on September 15, 2023. QED Investors and Bicycle Capital led the financing for the firm. In addition, Endeavor Catalyst and Caravela participated in the Series C. Besides, top-notch investors further enhanced Mottu’s cap table, which boasts notable names such as Michael Moritz, Base Partners, and Tiger Global.
Since its establishment, Mottu’s total financing amounts to more than USD 150 million.
Purpose of financing for Mottu
Mottu seeks to fund its expansion across Brazil and Mexico. In addition, it seeks to achieve greater operational efficiency. Moreover, the company focuses on providing its customers with a better experience across all its products.
The company also has plans to foray into the mobility market, focusing on the large population of commuters in Brazil and Mexico, frequently relying on public transportation services with poor quality.
What the company’s officials have to comment
Rubens Zanelatto, founder and CEO, said, “I am very proud of my team and what we have 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.”
What the investors and experts have to add
Marcelo Claure, Bicycle Capital Founder and Executive Chairman said, “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.”
Claure further added, “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 has 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.”
In addition, QED Managing Partner Nigel Morris. Chuckie Reddy said, “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. 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.”
Besides, Mario Delara, Caravela’s managing partner, said, “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.”
About Mottu
In 2020, Founders Caetano Minuzzo, Igor Batista, and Rubens Zanelatto launched the company. The company offers a reliable and user-friendly motorcycle rental model. It also offers a last-mile logistics service to promote work opportunities for couriers and a better service level for retailers.
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