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FMO and Gazelle Finance announced the signing of a blended financing investment in Mercury LLC

02.12.22 22:45
FMO and Gazelle Finance announced the signing of a blended financing investment in Mercury LLC, the leading electric mobility (e-Mobility) company in both Ukraine and Georgia, which combines two brands: Scroll and Qari Electric. The purpose of the financing is to support the Ukrainian operations of the company during war time, including retaining staff in Kyiv, the temporary relocation of some staff to Tbilisi, and the development of a proprietary software program. The source of funding for this project comes from the Ukraine Bridge Facility, which is supported by two Dutch investors, FMO and the Dutch Good Growth Fund, and the United States International Development Finance Corporation (DFC).

“FMO’s contributions to this technical assistance facility with Gazelle Finance provides direct economic support to companies like Scroll and Qari Electric, whose businesses have been decimated by the war,” said FMO Porfolio Manager Jeroen Harteveld. “This intervention provides Mercury LLC with the necessary resources to not only retain Ukrainian staff, but also employ additional Ukrainian IT professionals during this difficult period for the country”.

Since Russia’s war in Ukraine started, more than 50,000 Ukrainians have relocated to Georgia, many of whom are highly skilled professionals who work remotely for leading Ukrainian companies, particularly in the technology sector. Georgia has a rank of #7 in the World Bank’s Ease of Doing Business rating and a highly favorable tax regime. This combined with the information technology cluster that has emerged in the South Caucasus region, including Tbilisi, makes this a natural market for companies like Mercury LLC (Scroll and Qari Electric) who are market leaders in the eMobility space.

“Even during war time, and the resulting energy crisis, Scroll continues to provide an environmentally friendly mass transportation solution to the citizens of Ukraine” said Jeffrey Liebert, CEO of Gazelle Finance. “This investment in eMobility infrastructure would not be possible without the generous support of our investors FMO, DGGF, and DFC.

“With the generous support of Gazelle Finance, our company can continue to maintain our operations in Ukraine providing a much-needed transportation service to the people of Ukraine at a time of severe energy shortages”, said George Tugushi, CEO of Scroll and Qari Electric. “We are bullish on the long term prospects of the Ukraine market, so investing in the development of our own in-house technology using Ukrainian IT professionals will make us stronger in the long-run to scale our business when the market stabilizes.”

About Ukraine Bridge Facility
The purpose of Ukraine Bridge Facility is to identify companies relocating from Ukraine to Georgia/Armenia to continue the viability of their businesses. The Ukraine Bridge Facility is supported by two Dutch investors, FMO and the Dutch Good Growth Fund, and the United States International Development Finance Corporation (DFC).  

About Gazelle Finance
Gazelle Finance is a financial company that invests in high-growth, small and medium-sized enterprises in the Eurasia Region, with current focus on Georgia and Armenia. Its mission is to create a better financial future for capable entrepreneurs and the communities they serve. The company seeks to identify gaps and barriers in the capital market and provide a financing solution to responsible entrepreneurs, who are carefully selected. By focusing on growing their businesses, Gazelle Finance helps local markets and economies to expand.

About FMO
FMO is the Dutch entrepreneurial development bank, that supports sustainable private sector growth in developing and emerging markets by investing in business, projects and financial institutions. FMO creates development impact by being additional in financing the private sector in low- and middle-income countries. They enable entrepreneurs to increase inclusive and sustainable prosperity.

About DGGF
By providing finance and insurance through the DGGF-programme, the Dutch Ministry of Foreign Affairs creates the conditions to development related trade and investment in 68 countries. The DGGF believes it is vital that Dutch and local entrepreneurs work responsibly in emerging markets and developing countries. By linking aid to trade, the DGGF improves access to finance for entrepreneurs in the Netherlands as well as developing countries and emerging markets.

About DFC
U.S. International Development Finance Corporation (DFC) partners with the private sector to finance solutions to the most critical challenges facing the developing world today. DFC invests across sectors including energy, healthcare, critical infrastructure, and technology. DFC also provides financing for small businesses and women entrepreneurs in order to create jobs in emerging markets. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.

About Mercury LLC
Mercury LLC is the electric mobility (e-Mobility) company which combines 2 leading electric transports sharing brands in Georgia and Ukraine: “Scroll” & “Qari Electric”.

Scroll is a Georgian-Ukrainian tech company, which connects people with common values and aims to improve the environment through innovative methods. In cooperation with the industry leader Bird, from April 2020 Scroll was the first to introduce an eco-friendly electric scooter sharing service in Georgia. The service is available in the biggest cities of Georgia: Tbilisi and Batumi, and also in Ukraine, Kyiv.

Qari Electric
Qari Electric is a lifestyle and mobility brand that aims to offer the community a variety of eco-friendly alternatives to ride around the city. The company has been operating in the capital of Georgia, Tbilisi, since 2021 and provides fully multimodal service (e-bike, e-moped and car sharing),

For both brands the vision for a better future lies in reducing day-to-day problems, so the main goal of ride Qari Electric or Scroll is to take care of the environment, make mobility faster, more convenient, and be a transportation alternative that will be accessible to all people.