Zyp Technologies, defied the recent slowdown in startup investments by securing $1.5 million in Series Pre-A funding. The round, led by Abu Dhabi’s Shorooq Partners, included existing investor Indus Valley Capital and angel investors. This follows their $1.2 million seed round in September 2023.
The funding will be used to launch Zyp’s electric mobility technology across Lahore, Pakistan. The plan involves establishing over 60 battery swap stations and deploying 1,000 of their Zyp Utility Motorcycles (ZUM 2000) within a year. This launch aligns with Pakistan’s push for electric vehicles, with a national goal of 30% electric vehicle sales by 2030. Zyp also has plans for future expansion into the Middle East, targeting a mass motorcycle release in several Gulf nations, including the UAE, in 2025.
Affordability is a priority for Zyp, which offers high-quality electric vehicles designed for Pakistan’s challenging environment. Their swappable batteries offer a popular quick refueling option. Investors like Shorooq Partners see Zyp as a driver of environmental and economic benefits for Pakistan, with the potential to address challenges faced by the mobility industry and support sustainable innovation in emerging markets.
Zyp’s funding success comes amidst a difficult investment landscape in Pakistan. Data shows a significant drop from the highs of 2021 and 2022. The company credits its product traction as a key factor in securing investment despite the challenging environment. Founded in 2022, Zyp operates with two business lines: electric motorcycles and battery services. Their BaaS (battery-as-a-service) energy division is based in Islamabad.