Mevo raises $1m investment in five days

Car-share platform Mevo has raised more than $1 million in an investment opportunity for retail investors through Snowball Effect after barely a week.

Launched with the aim of raising $1.75 million, Mevo says the investment will be used to expand its footprint in New Zealand by growing its fleet and launching into new cities.

Having secured $2.25 million of capital in a raise led by Angel HQ earlier in 2023, the announcement is a signal of business momentum for Mevo which now has 40,000 members, including hundreds of business and corporate clients such as Beca, Meridian Energy, and government departments; is on track for profitability in 2025 on revenue of $20 million, and has established a growing presence in Wellington, Auckland and Hamilton.