BP Ventures has invested $6 million in Freebie, a Miami-based all-electric ride-hailing company that provides free and on-demand transportation to local communities through a mobile app. Ride the freebie. bp led the business’ $8 million Series A funding round, with backing from Freebee’s current infrastructure capital partner, Tensile Mobility.
Freebies provide funding for user trips as part of municipal public transportation networks, as well as private entities such as corporate business parks, hotels and resorts, and university campuses. Freebie has established itself as the leading mobility platform in the state of Florida and aims to solve the problems arising from the use of private vehicles in the US, such as traffic congestion and increased carbon emissions.
Freebie owns a fleet of over 150 electric vehicles and employs over 230+ full-time drivers. This investment will help Freebie to increase its technology development capabilities and expand the team, which will help to grow the business throughout the US. The service is currently available in more than 25 municipalities and campuses in Florida and Virginia, and Friebe is aiming to expand to seven new cities in the two states before the end of 2022. The expansion is expected to help the business move more than 1 million passengers. The end of the year.
As well as leading the funding, BP will work with Freebee to expand its business in the US and explore opportunities to collaborate on the deployment of EV charging infrastructure, boosting BP’s mobility growth engine.
“bp Ventures invests in companies that align with its ambition to be net-zero by 2050 or sooner. The Freebie team has come up with a brilliant business idea that promotes electric vehicle travel at no cost to the consumer. We are very proud to have made our first investment in Miami’s thriving tech sector and look forward to getting started with the team.
Shaun Healey, Principal at BP Ventures
Chris Kimball, co-founder and managing partner of Freebie, added: “Living in Miami as a student, my colleague Jason Spiegel and I felt there needed to be a more economical way to get around the city. With Freebie, we’ve turned ride-hailing on its head, accelerating the decarbonization of mobility and providing consumers with a free service. This is our proof of concept investment from BP Ventures and together we will distribute Freebie across the US.
Freebie co-founder and managing partner Jason Spiegel added: “We are thrilled to have the opportunity to partner with BP Ventures, which shares many of the values that Freebie seeks to spread to our communities every day. Our goal is to accelerate our growth and continue our mission of providing equitable and accessible transportation services, which in turn will accelerate economic development and stimulate local economies.
Shaun Healey, Principal of BP Ventures, will join the Freebie Board along with Dabo Horsfall, CEO of Tensile Mobility.
To date, BP Ventures has invested nearly $1 billion in more than 40 active investments across seven geographies.
