Mottu, a São Paulo-based motorcycle rental startup, has raised $30 million in equity in a Series B round of funding.

The company, which aims to give independent couriers a way to work for logistics and food delivery apps, also secured $10 million in debt financing. Most, if not all, the workers have little to no, or bad, credit, so purchasing a motorcycle outright is not an option.

Mottu started operations in early 2020 with a fleet of 200 motorcycles in its home city of São Paulo. By year’s end, it was up to 1,000 motorcycles and $2 million in annual recurring revenue (ARR). Today, the startup operates in eight Brazilian cities and Mexico City with a fleet of 10,000 motorcycles. It grew its ARR by 5x in 2021, which means that it had reached $10 million in ARR by the end of last year, according to CEO and founder Rubens Zanelatto.

Verde Asset, one of Brazil’s largest investment management firms, provided the debt portion of the company’s latest financing. That capital, Zanelatto said, kicks off Mottu’s plan to quadruple its fleet by year’s end and reach 50,000 motorcycles by 2023.

Over time, Mottu has evolved its model and does much more than just rent motorcycles. It also provides credit, insurance, maintenance and 24-hour support for its renters. And for those aspiring to become couriers, Mottu also provides a driving school.

Its latest raise follows a $20 million Series A financing in early 2021, which Zanelatto said allowed the company to significantly grow its fleet, expand geographically and build out its own delivery offering -- which over 1,000 retailers are using. Motto plans to use its new capital in part to hire more than 50 senior engineers, as well as a chief technology officer (CTO), adding to its current headcount of 400.

Notably, Base Partners and Crankstart -- a San Francisco-based family foundation founded by Harriet Heyman and Sequoia Capital Partner Michael Moritz -- co-led the equity portion of the company’s funding. Tiger Global Management participated in both Mottu’s Series A and Series B rounds.