ONE MOTO, electric mobility and last-mile delivery startup, has raised £123 million, which accounts for $150 million.

The startup will use the fund to finance vehicles across the United Kingdom (UK) and lead the decarbonization of the country’s last-mile delivery and gig economy industry.

Signing the unprecedented deal with a leading financier in London, ONE MOTO is offering finance to fleet operators to expand an electric delivery fleet from just £3 per day. With a vision to electrify all last-mile vehicles in the UK by 2026, the financing from ONE MOTO will ensure the reduction in 168,000 tonnes of CO2 each year as well as a 50% drop in the production of harmful pollutants as a result of petrol vehicles.

“This is a monumental milestone for our expansion road map pan-Europe. With the support of the finance deal, we expect to deploy up to 30,000 across the UK in H1 2023. This harnesses our conversations with UK Trade & Investment (UKTI) to open the first European assembly plant. ONE MOTO is supporting leading last-mile food delivery platforms, and independent outlets and enhancing rider welfare through data-rich AI to optimize routes, zones, and pay,” Adam Ridgway, CEO of ONE MOTO Technologies, said.

The startup will also be joining forces with AVIS and “is in conversations to build the first EV manufacturing facility in UAE,” according to their statement.