bp ventures has invested $6 million in all-electric ride-hailing enterprise Freebee, a Miami-based firm that gives free, on-demand transportation to native communities via their cellular app Experience Freebee. bp led the enterprise’ $8-million Sequence A funding spherical, with help from Freebee’s present infrastructure capital associate, Tensile Mobility.
Freebee’s free-to-the-user journeys are financed via native governments as a part of municipalities’ public transport networks, and in addition by non-public entities equivalent to company enterprise parks, resorts and resorts, and college campuses. Freebee has established itself as a premier mobility platform within the state of Florida and seeks to handle the numerous points arising from elevated use of private automobiles within the US, equivalent to visitors congestion and elevated carbon emissions.
Freebee owns a fleet of greater than 150 electrical automobiles and employs greater than 230 drivers on a full-time foundation. This funding will assist Freebee increase its know-how growth capability and develop the group, serving to to scale the enterprise throughout the US. The service is at present out there in additional than 25 municipalities and campuses in Florida and Virginia, with Freebee concentrating on growth into seven new cities within the two states earlier than the tip of 2022. The growth is anticipated to assist the enterprise transfer greater than 1 million passengers by the tip of the 12 months.
In addition to main the funding spherical, bp can even work with Freebee on scaling the enterprise throughout the US and can discover alternatives to collaborate on the roll-out of EV charging infrastructure, progressing bp’s mobility progress engine.
bp ventures was arrange greater than 10 years in the past to determine and put money into non-public, excessive progress, game-changing know-how firms, accelerating innovation throughout the complete power spectrum. Since then, bp has invested nearly $1 billion in know-how firms throughout greater than 40 lively investments with greater than 250 co-investors.