Brazilian mobility startup Vammo raised $5.4M from EXT Capital in a mix of debt and equity. The investment was structured by Solis Investimentos.
With the funds, Vammo will acquire new motorcycles and expand its battery exchange points in Sao Paulo.
“We plan to electrify Latin America and transform the lives of those who, through our solutions, will be the true agents of change for a more sustainable future,” said Jack Sarvary, Vammo’s Co-founder.
Founded in 2022 by former Tesla and Rappi employees Billy Blaustein and Jack Sarvary, Vammo offers a subscription model for electric motorcycles targeting delivery drivers and couriers. The startup manufactures in the Manaus Free Trade Zone and provides plans with unlimited battery changes and maintenance.
Vammo currently has around 1,000 motorcycles in circulation and production and has 100 battery replacement stations in Sao Paulo.