tembici closes us$47 million series b led by valor capital and redpoint eventures
Contxto – June 3rd is World Bicycle Day! And what better way to celebrate than with a micro-mobility investment.
Today, Brazilian e-bicycle startup Tembici announced it wrapped up US$47 million for its Series B. Valor Capital Group and Redpoint eventures were the leading investors and were joined by the International Finance Corporation and Joá Investimentos.
Tembici will use the funds to expand its fleet in areas where it already operates. Its iconic orange-colored bicycles can be found in multiple cities across Brazil, as well as Buenos Aires (Argentina), and Santiago (Chile).
The timing of this investment is very interesting, not just because it’s World Bicycle Day, mind you. Rather, because the oft-mentioned “Post-Covid Era,” will require more alternative means of transportation, like e-bikes.
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Tembici’s role in taking on Covid-19
Our understanding of that transitional period between “full-lockdown-mode” and “normal-life” is still a work in progress. But authorities continue to encourage social distancing as the Covid-19 pandemic unfolds. For which public transport constitutes a major area of concern. As a result, alternative forms of transportation like cycling are being explored.
Rather than having people crammed together on a bus or subway, governments recommend biking as a less-risky option.
However, that will also put cities’ to the infrastructure test. Not to mention drivers’ etiquette to respect the lanes and areas set off for alternative forms of transport.
In any case, this could lead to a spike in demand for e-bikes, and Tembici wants to be there when that happens.
“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,” stated Tomás Martins, CEO and co-Founder of Tembici.
“As more people change their habits, the new investment will help us meet the increasing demand.”
What’s more, biking or riding a scooter to work may not even be a quick fix.
If things play out well—these greener forms of mobility may find a more permanent place in our urban landscape.
Micro-mobility trends
The micro-mobility market has shown unusual patterns throughout 2020. On the one hand, you have startups like Lime and Mexican-Brazilian Grow Mobility struggling to keep operations afloat.
There’s also Uber who handed off its electric bike operation, Jump, to Lime.
Similarly, there are other startups like Colombian MUVO with its e-bikes and now Tembici that have raised equity this year.
Wanna hear more? We recommend you listen to the following podcast episode: ¿La micromovilidad ha muerto?. You can find the time stamp available in the description.
Related articles: Tech and startups from Brazil!
-ML
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