Terra Motors Corporation, a Tokyo, Japan-based electric two & three wheeler developer, manufacturer, and retailer, completed a $10m round of financing.
The round was led by California-based venture capital investor Fenox Venture Capital, and major Japanese venture capital firm Mizuho Capital Co., Shinsei Bank, SMBC Venture Capital Co., and Aizawa Securities CO.
The company intends to use the funds to expand its business in Asian countries, and to enhance production in Vietnam and in the Philippines.
Led by Toru Tokushige, CEO and founder, Terra Motors develops, manufactures and sells an electric two & three wheeler, the A4000i, with smartphone connection capability. This year, the company plans to expand to India, Bangladesh, and in few years, to Indonesia, Taiwan, Thailand and other Asian countries.
Established in 2010 and headquartered in Shibuya, Tokyo, Terra Motors has overseas affiliate firms in Vietnam and in the Philippines.