On 30 October 2025 Vammo, the São Paulo platform that offers electric motorcycles by subscription with battery swapping to delivery couriers, announced a USD 45 million Series B led by Ecosystem Integrity Fund. It is one of the largest rounds in two-wheel electric mobility in Latin America and arrives with the company growing ten times year over year.
The transaction
Ecosystem Integrity Fund led the round; Qualcomm Ventures, 2150, Construct Capital, Monashees, Maniv, Endeavor Catalyst and a syndicate of Tesla alumni participated. The instrument is equity; the valuation was not disclosed. The company, founded in 2022 and led by Jack Sarvary, had raised USD 30 million before this round.
Proceeds fund research and development of a hybrid ethanol-electric motorcycle platform and the expansion of manufacturing and operations in Brazil, with a planned investment of more than BRL 500 million in Manaus to produce motorcycles and charging equipment.
At the announcement, Vammo operated 5,000 motorcycles and 150 swap stations in Brazil, had passed one million battery swaps in 2025 and reported ten-times year-over-year growth. Its subscribers work for Uber, 99, Rappi and iFood. The company designs and builds its own battery systems, charging infrastructure and IoT devices.
Value drivers
Vertical integration. Vammo bundles vehicle, swap network, financing and maintenance into a single subscription, and controls the battery and the hardware. In our reading, that makes the company an infrastructure operator with recurring revenue rather than a manufacturer, and explains the presence of a climate infrastructure fund as lead investor.
Proven operating scale. One million swaps in a year across 150 stations is evidence of utilisation, not of promise. Usage data per station and per motorcycle is the basis for modelling the unit economics of each site.
Captive platform demand. Couriers for Uber, 99, Rappi and iFood generate daily income that pays the weekly or monthly subscription. It is the same pattern seen in Uber’s investment in Galgo: the platform concentrates demand and lowers acquisition cost.
Local manufacturing and a regional fuel. The BRL 500 million plan in Manaus and the bet on ethanol respond to Brazil’s energy mix. In our reading, it is a thesis that is hard to export without adaptation, which limits direct comparables outside Brazil.
What the market is signalling
For Mexico, the main signal is that venture and climate infrastructure capital is willing to finance two-wheel fleets for couriers when there is a proprietary physical network and utilisation data. The closest Mexican comparable is VEMO, which in September 2025 secured a USD 250 million commitment from Vision Ridge Partners for an electric fleet, a charging network and leasing to Uber and DiDi drivers, albeit on four wheels.
For lenders, a fleet of standardised assets with telemetry and subscription contracts is a natural base for asset financing and warehouse lines. For Mexican founders in electric mobility, the round suggests that value is captured by whoever controls the energy infrastructure and the data, not by whoever merely distributes imported motorcycles.
G2’s reading for a mandate
An electric fleet company preparing a round or a debt line in Mexico should separate in its model the economics of the asset (cost of motorcycle and battery, useful life, residual value) from the economics of the network (utilisation per station, swaps per day) and the economics of the customer (retention, delinquency, income per courier). Vammo’s Series B shows that infrastructure investors pay for the second and venture investors for the third; a well-prepared mandate presents all three with auditable data and defines from the outset which part of the balance sheet is funded with equity and which with debt.
Sources
- Electrek, 30 October 2025.
- Latam Republic, 12 November 2025.
- LatamList, 3 September 2025 (VEMO).