Terra Motor’s Secures over $10 Million For a Southeast Expansion.
Japanese startup electric vehicle maker, Terra Motors Corps, has recently announced they have successfully raised a total of $10 million in financial funding, in order to expand its business into the Southeast Asia, which include the Philippines, according to a released statement.
This recent funding round was led by the Silicon Valley-based Fenox Venture Capital and Japanese Venture Capital Mizhuhou Capital Co. Ltd, It stated. Other investors included where Shinsei Bank Ltd., SMBC Venture Capital Co. Ltd., and Aizawa Securities Co. Ltd.— All of them are based in Tokyo.
“Generally speaking, EV tends to be considered as mobility for developed countries. However, when it comes to electric two wheelers and three wheelers, the main markets are Asian emerging countries,” Terra Motors Founder and Chief Executive Officer Toru Tokushige said in the statement.
“Hence, we concluded to expand more into Asian markets,” he added.