bp ventures Invests US$6 Million in Free Electric Ride-Hailing Business

(21/10/22)  bp ventures has invested $6 million in all-electric ride-hailing business Freebee, a Miami-based company that provides free, on-demand transport to local communities through the Ride Freebee mobile app.

bp led the business’s $8 million Series A funding round, with support from Freebee’s current infrastructure capital partner, Tensile Mobility.

Freebee’s free-to-the-user trips are financed through local government as part of municipalities’ public transport networks, and also by private entities such as corporate business parks, hotels and resorts, and university campuses.

Trips on Freebee’s electric vehicles are free to the user

Freebee has already established itself as a premier mobility platform in the state of Florida and is working to address the many issues arising from increased use of personal vehicles in the US, like traffic congestion and increased carbon emissions.

Freebee owns a fleet of more than 150 electric vehicles and employs more than 230 drivers on a full-time basis.

Kris Kimball, co-founder and managing partner at Freebee, said, “Living in Miami as a student, my co-founder Jason Spiegel and I felt there must be a more economical way of getting around the city. With Freebee we have turned ride-hailing on its head, providing a service that is accelerating the decarbonization of mobility and is free to users. This investment from bp ventures is an endorsement of our idea and together we will roll Freebee out across the US.”

This investment will help Freebee boost its technology development capacity and expand the team, helping to scale the business across the US.

The innovative service is currently available in more than 25 municipalities and campuses in Florida and Virginia, with Freebee targeting expansion into seven new cities in the two states before the end of 2022.

The expansion is expected to help the business move over 1 million passengers by the end of the year.

Shaun Healey, principal at bp ventures, said, “bp ventures invests in companies that align with bp’s ambition to be net zero by 2050 or sooner. The team at Freebee has come up with a brilliant business idea that incentivizes travel by electric vehicles without any cost to the user. 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.”

As well as leading the funding round, bp will also work with Freebee on scaling the business across the US and will explore opportunities to collaborate on the roll-out of EV charging infrastructure, progressing bp’s mobility growth engine.

Shaun Healey will join the Freebee board, along with Dabo Horsfall, CEO of Tensile Mobility.

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