In a story originally reported by TechCrunch and brought to our attention by LAVCA, Brazilian bikeshare startup, Yellow, has raised a US$9M seed round led by monashees+ and Grishin Robotics. Yellow is a dockless bikeshare service founded by 99 co-founders Ariel Lambrecht and Renato Freitas, and Eduardo Musa, former CEO of bike manufacturer Caloi.
Yellow will use the funding to deploy its first 20,000 bicycles, hoping to reach over 100,000 bikes over the summer. Yellow’s goal is to deploy over a million bicycles over the next few years.
Yellow co-founder Eduardo Musa stated in a press release:
“As local residents, we’re acutely aware of the pain points caused by Brazil’s inefficient public transit, and we built Yellow specifically to address them. Our goal is to improve circulation of urban traffic and curb harmful greenhouse gas emissions by providing a fun, cost-effective mode of transportation that integrates with other public transit systems to optimize daily routes in big cities.”
With the debut of Mobike in Chile, and dockless bikeshare startups taking over the United States, the trend of bikesharing is on an upward trend in Latin America.
Read more about Yellow: