bp Ventures invests $6 million in fully electric ride-hailing business Freebee ride a freebiebp led an $8 million Series A funding round for the business, with backing from Freebee’s current infrastructure capital partner, Tensile Mobility.
Freebee free travel is funded through local governments as part of the municipal public transportation network. It is also funded by private entities such as corporate business his parks, hotels and resorts, and university campuses. Freebee has established itself as the premier mobility platform in Florida and seeks to address many of the issues arising from increased use of private vehicles in the United States, including traffic congestion and a growing carbon footprint. .
Freebee owns over 150 electric vehicles and employs over 230 full-time drivers. This investment will help Freebee increase its technology development capabilities, expand its team, and help grow its business across the United States. The service is currently available in more than 25 municipalities and campuses in Florida and Virginia, and Freebee aims to expand to his seven new cities in the two states by the end of 2022. . end of the year.
In addition to leading the funding round, bp will work with Freebee to expand its operations across the United States, explore opportunities to work together on the deployment of EV charging infrastructure, and advance bp’s mobility growth engine.
“bp Ventures invests in companies that align with bp’s goal of becoming net zero by 2050. We’re very proud to have made our first investment in Miami’s thriving technology sector and look forward to getting started with the team.”
Sean Healy, Principal at bp Ventures
Freebee co-founder and managing partner Chris Kimball said: “Living in Miami as students, my co-founder Jason Spiegel and I felt there must be a more economical way to get around the city. We are offering our users a free service that accelerates the decarbonization of mobility.This investment from bp Ventures supports our idea and together we will roll out Freebee across the United States. To go.”
Freebee co-founder and managing partner Jason Spiegel said: “We are really excited about the opportunity to partner with a bp venture that shares many of the same values that Freebee seeks to instill in our community every day. , will continue to carry out our mission of providing equitable and accessible transportation, which will help promote economic development and revitalize the local economy.”
bp Ventures principal Shaun Healey will join Freebee’s board of directors alongside Tensile Mobility CEO Dabo Horsfall.
To date, bp Ventures has approximately $1 billion in over 40 active investments across seven geographies.
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