Brazilian bike-sharing company Tembici has raised $47 million in its second finance round as it looks to widely roll out its e-bike fleet and expand services.
The funding round was led by venture capital investors Valor Capital Group and Redpoint eventures, in addition to existing investor Joa Investimentos. International Finance, the private investment arm of the World Bank, also contributed to the latest round.
Carlos Leiria Pinto, IFC’s Brazil country manager, said in a statement he believes that “micromobility solutions” will be critical in the post-pandemic context as commuters look to escape crowded subways and buses.
Tembici will use the proceeds to expand its fleet in cities across South America and to widen its offering of electric bicycles which it has also been testing in some markets, its CEO Tomás Martins said. “When lockdowns are lifted, bike usage is likely to increase a lot, as it is already happening in Europe,” he said.