The Mexican scooter startup, Grin, and the Brazilian micro-mobility app, Yellow, have merged, and raised an additional US $150 million round to accelerate cross-country expansion.
The result of this mixture was not a
Now with more than 100,000 scooters and 35,000 bikes in total, the company earned the title of third largest electric scooter company worldwide – just behind Bird and Lime in the United States.
Not satisfied with Uruguayan Mono’s and Brazilian Ride’s acquisitions, Grin co-founders are positioning themselves as world-class contenders by merging/acquiring strategic companies across Latin America’s largest markets.
The super-startup is operating in seven different locations across Latin America including their home countries Mexico and Brazil, and also Chile, Argentina, Colombia and Uruguay.
We are excited to bring together two Latin American technology companies that share the same vision of transforming not just mobility , but also improving infrastructure services and driving economic activity across our region.
According to the company’s statement, Grin’s co-founder Sergio
The statement also mentions the departure of Eduardo Musa, Yellow’s CEO.
Also, Tung reiterates his support for local startups in his statement.
Local champions should merge and become the lead champion first. You have a better way to deal with any foreign
entities coming into the region.
The main focus of Grow with this fresh round of capital is to expand throughout Latin America. Especially because of the high population index that characterizes the countries in this area.
This event positions Grow as one of the top players in the micro-mobility industry worldwide, next to giants like Bird and Lime.