Illustration: Caresse Haaser / Axios
Yellow, a Brazilian e-scooter and bike company, raised $63 million in Series A funding led by GGV Capital.
Bottom line: The scooter wars have expanded to Latin America, especially as Yellow plans to expand to Mexico, where Y Combinator-backed Grin already operates.
Hardware edge: While many companies purchase their scooters from Chinese suppliers, Yellow says it plans to set up its own factory locally—familiar territory for co-founder Eduardo Musa, previously owner and CEO of bike manufacturer Caloi.
Yellow's other co-founders, Ariel Lambrecht and Renato Freitas, recently sold their prior company, ride-hailing service 99, to Didi Chuxing.
In addition to GGV, funding participants included existing investors Monashees, Grishin Robotics, Base10 Partners, and Class 5.
The story has been updated to include that Yellow also provides bikes for rent.