Mottu, a motorcycle rental startup based in Brazil, has secured $40 million in debt and equity funding in its Series B round co-led by Base Partners Crankstart and Sequoia Capital.
- The new fund will be invested in hiring more than 50 senior engineers and a Chief Technology Officer (CTO), adding to the startup's employee base.
- Launched in 2020, the startup offers independent couriers logistics and delivery apps, and motorcycle rental to people, and now evolving to insurance and credit provision, and managing a driving school.
- The hardware-as-a-service (HaaS) business model focuses on solving social problems in Latin America, including reducing crime and unemployment through its offerings.
- It last raised $20 million in its Series A funding round in 2021, with the participation of Tiger Global Management that doubles down in the new round.