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Mober receives funds to purchase more electric vehicles to expand its fleet
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New charging station in Pasay City supports delivery needs of IKEA Philippines as well as SM Appliance Center, Nestle, etc.
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Seed money came at a time when startups faced investment challenges
Local logistics company Mober recently received $2 million seed funding to expand its fleet of electric vehicles.
The funds came from RT Heptagon Holdings, led by Chairman and president Rex Tiri.
With the fresh funds, Mober said it was able to expand its EV fleet to 60 vehicles, allowing the company to meet the growing demand for eco-friendly logistics service.
Mober was able to develop its Transport Management System which optimizes delivery service while also tracking its carbon dioxide savings achieved via the use of EVs.
Mober recently inaugurated a flagship EV charging station in Pasay City to support its growing fleet, particularly those serving the needs of IKEA Philippines. The 800-square-meter charging station was built at a cost of P2 million.
READ: Mober launches first EV charging hub
It also services the delivery needs of SM Appliance Center, Kuehne + Nagel, Nestle, and Maersk, among others.
With IKEA, Mober expects to electrify 100% of the company’s delivery services by next year.
Mober founder and CEO Dennis Ng thanked RT Heptagon’s Tiri for the funds that came at a pivotal time. The investment came despite last year’s admittedly difficult funding environment for startups.
The 2024 Philippine Startup Founders’ Outlook by Uniquecorn Strategies revealed a steep 40% drop in local startup investments in 2023.
Mober’s sustainability-driven business model proved enticing enough to receive the substantial seed money from RT Heptagon, the company said.
The Philippines’ EV market is expected to grow, supported by favorable government policies as well as increasing consumer awareness.
