Leoparda Electric receives US$ 8.5 million to operate in the region

The startup Leoparda Electric announced the receipt of US$ 8.5 million that it will use to hire professionals, develop proprietary software, and begin a pilot operation in Brazil, initially in São Paulo. It aims to offer a service for electric motorcycle consumers, including swapping discharged batteries for charged units.

Founded by Jack Sarvary and Billy Blaustein, the company will operate with a net of swapping stations, through a monthly low-cost subscription service, according to information released this Tuesday, 9/13.

“Electric motorcycles had not been widely used in Latin America because they are expansive and have a limited range”, says Sarvary, co-founder and CEO. “Currently, using this kind of vehicle would mean that the users should stop for five hours, at least. This makes it inviable for working”, adds the executive, explaining that the intention is to assure the vehicle will never need to stop.

According to Sarvary, the customers will be able to buy an electric motorcycle without the battery, at a lower cost than a traditional one. “It means the workers should reduce their monthly costs by more than 50%. Illimited rechargeable batteries swap and all maintenance are included in the monthly subscription”.

The first investment received by Leoparda Electric was led by Monashees, a risk capital manager in Brazil, and Construct Capital, an American hardware and mobility fund.

The company informs that Marcelo Claure, who launched Softbank in Latin America, has also invested through Claure Capital. Among other investors are Auteco, Colombia’s main motorcycle importer, K50 Ventures, Climate Capital and executives of other companies, such as Rappi, Tesla, Uber, Kavak and Kovi, among others.

Leoparda Electric’s executives point out that starting the operation in Latin America, beginning in São Paulo, was not decided by chance. There are about 50 million motorcycles in the region, most of them in Brazil. Of this total, just 1% are electric models.