Mexican transportation company Vemo has secured $250m (€215m) investment in its latest funding round led by Vision Ridge Partners, to fund its expansion.
Vemo said it will use the capital to advance its deployment of public charging infrastructure and electric vehicles (EV) across Mexico, and to develop its fleet management solutions business.
Vemo has raised more than $500m in total to date. The funding includes equity from investors such as its initial backer Riverstone Holdings and Vision Ridge Partners, as well as debt financing from lenders including Orion Infrastructure Capital, BEEL Infrastructure Partners, Promecap, Covalto and Kapital.
Germán Losada, co-founder, chairman and COO of Vemo, said: “This investment marks a key milestone in Vemo’s history, following years of relationship building and strategic alignment with Vision Ridge.
“With this commitment, we believe Vemo is well positioned to enter its next phase of growth alongside a partner that brings deep sector expertise in electrified mobility, conviction in our team and a shared vision for the future of transportation.”
Roberto Rocha, co-founder and CEO of Vemo, said: “This partnership is grounded in complementary values, a like-minded approach and a deep understanding of what it takes to build integrated, high-impact businesses in nascent and rapidly evolving markets. Vision Ridge brings significant global insight into sustainable asset development, along with a demonstrated capacity to support platform-scale transitions for businesses like ours.”
Reuben Munger, founder, managing partner and CIO of Vision Ridge, said: “We firmly believe the electrified transportation sector is both a key pillar and beneficiary of the ongoing global transition to sustainability.
“We are excited to support Roberto, Germán and the entire Vemo team, whose combined vision, execution and purpose we believe position the company to capitalise upon the shift toward more resilient and sustainable transportation systems in Mexico’s emerging EV market.”
Paul Luce, managing director at Vision Ridge, said: “We look forward to leveraging Vision Ridge’s significant expertise scaling electrified transport and EV fleet businesses to help Vemo’s leadership team continue advancing its mission of turning operational complexity into scalable transformation in what we believe is a region with tremendous potential for electrified mobility.”
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