Terra Motors manufactures electric scooters and three-wheelers for markets such as India, Vietnam, Bangladesh, Nepal, Cambodia, Indonesia and Myanmar

Fenox Venture Capital, a Silicon Valley fund with significant investments in Southeast Asia, has joined the Series B financing round of Japanese electric vehicle company Terra Motors.

Chiba Bank Capital, Minato Capital, and Yamaguchi Capital, in addition to existing shareholders also participated in this round.

The Tokyo-headquartered company will use the money for business and product development, as well as to expand to new markets.

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“We manufacture and sell more than 30,0000 two-wheeler and three-wheeler units a years. With this funding, we will expand our base and strengthen our product development and human resources strategy,” the firm said in a press note.

This funding comes three weeks after Fenox announced a US$50 million VC fund to invest in automotive tech startup, in partnership with Japanese automotive components and systems manufacturer AISIN Group to invest

Established in 2011, Terra Motors designs and manufactures electric scooters and three-wheelers for markets such as India, Vietnam, Bangladesh, Nepal, Cambodia, Indonesia and Myanmar. Its production plants are located in Vietnam, India and Bangladesh, and has distributors in Nepal, Cambodia, Indonesia, Myanmar and Iran.

Started in 2011, Fenox works with emerging technology companies across the world. Its 60-plus person team operates out of offices across eight different countries, including Japan, Indonesia, and South Korea, and offers a wide range of domain expertise. It invests between US$250,000 and US$10 million in companies across segments.

Fenox currently manages 17 funds across these markets, and has several multi-million dollar funds under management.

To date, Fenox has invested in 115 companies, including 99.co, TechInAsia, Alodokter, Ahlijasa, and Hijup.com.  

 

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