Tembici, a startup focused on micromobility, has recently announced a new investment round worth $32 million. The funding comes from BNDES, Brazil's National Bank for Economic and Social Development, a federal public entity that collaborates with the Ministry of Development, Industry, and Foreign Trade. The deal will span the next twelve years.
In 2012, Tomás Martins and Maurício Villar founded Tembici with a mission to bring sustainable micromobility services to urban areas throughout Latin America and make cities safer for regular bicycle commuters.
Their user-friendly application helps users easily locate bike rental stations in the city they're in, with both standard and electric bike options available. Today, the company operates a fleet of over 21,000 bicycles and has a presence in Argentina, Brazil, Chile, and Colombia. With the new investment, Tembici plans to expand to new markets in the region.
Tembici's services are currently accessible in cities like Brasilia, São Paulo, Rio de Janeiro, El Salvador, Santiago, and Buenos Aires, helping to promote green transportation options for urban dwellers.
US$ 32 million in the latest round
Of the total $32 million raised in this round, half will come from the Climate Fund, established by the Ministry of Environment in Brazil, while the remaining half will be financed by the Finem department of the National Development Bank. Tembici's growth trajectory shows no signs of slowing down, having raised $10.6 million in October 2022 in a round supported by Itaú Bank, Mastercard, and Vanti, a Colombian natural gas company.
Earlier in April 2022, the micromobility startup secured an additional $10 million in a round led by Blue Like an Orange Sustainable Capital. The Luxembourg-based investment firm specializes in impact investing across emerging markets and aligns its investments with the United Nations' Sustainable Development Goals.
Tembici has raised over $183 million in funding to date, highlighting the strength of the micromobility industry in Latin America. Other similar projects, such as the Ecuadorian startup Mobi, are also expanding throughout South America.