LatamList – Tembici, a mobility startup, announced a $47M Series B led by Valor Capital Group and Redpoint eventures. International Finance Corporation (IFC) and Joá Investimentos also participated in the round which was announced on World Bicycle Day.
The startup will use the investment to launch its electric bike service and to increase access to bikes in the cities where it already operates. Tembici continues to be a leading company in the urban mobility sector.
Tembici operates through a system of locking stations for the return and removal of bikes. The funding is in line with the move to greener, safer transport methods in the post-COVID-19 era.
“Bicycles will undoubtedly play an important role in the post-pandemic world because they’re being strongly recommended by public health agencies for safe, sustainable transportation for individuals. As more people change their habits, the new investment will help us meet the increasing demand,” said Tomás Martins, CEO of Tembici.
The startup currently has bikes in many of the major Brazilian cities, as well as Buenos Aires, Argentina, and Santiago, Chile.
“We are happy to support Tembici and its sustained growth in Latin America. Urban mobility has always been an issue of great importance in the region and we believe that individual and sustainable means of transportation will play an important role in the next-normal across the globe,” said Scott Sobel, founding partner at Valor Capital Group.
Scott Sobel will join the Board of Directors and Tembici along with Romero Rodrigues, Managing Partner of Redpoint eventures. Rodrigues is a renowned entrepreneur after the $374M exit of Buscapé Company, a comparison shopping service of which he was a co-founder.
Read more on the press release.