bp ventures has invested $6 million in all-electric ride-hailing business Freebee, a Miami-based company that provides free on-demand transportation to local communities through its mobile app Drive Freebee. bp led the company’s $8 million Series A funding round with support from Freebee’s current infrastructure capital partner, Tensile Mobility.
Freebee’s free rides are funded by local governments as part of the community’s public transportation networks, and also by private entities such as corporate business parks, hotels and resorts, and university campuses. Freebee has established itself as the premier mobility platform in the state of Florida, seeking to address the many issues arising from increased private vehicle use in the US, such as 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. This investment will help Freebee increase its technology development capabilities and expand the team, helping to scale the US business. The service is currently available in more than 25 communities and campuses in Florida and Virginia, with Freebee planning to expand to seven new cities in the two states before the end of 2022. The expansion is expected to help the company move over 1 million passengers by year-end.
In addition to leading the funding round, bp will also work with Freebee to scale the US business and explore opportunities to collaborate on the rollout of EV charging infrastructure to fuel bp’s mobility growth engine.
“bp ventures invests in companies that meet bp’s goal of being net zero by 2050 or sooner. Freebee’s team came up with a brilliant business idea that encourages electric vehicle travel at no cost to the user. We are very proud to have made our first investment in Miami’s thriving technology sector and look forward to getting started with the team.”
Shaun Healey, Director at bp Ventures
Kris Kimball, co-founder and managing partner of Freebee added: “When we were college students, my co-founder Jason Spiegel and I lived in Miami and felt there had to be a more affordable way to get around the city. With Freebee, we’ve turned ride-hailing on its head, offering a service that accelerates the decarbonization of mobility and is free for users. This investment by bp ventures is a validation of our idea and together we will launch Freebee in the US.”
Jason Spiegel, co-founder and managing partner of Freebee added: “We are very excited to have the opportunity to work with bp Ventures, who share many of the same values Freebee strives to spread in our communities every day. Our goal is to accelerate our growth and continue our mission to provide equitable and accessible transportation, which in turn helps drive economic development and boost local economies.”
Shaun Healey, Principal at bp Ventures, will join the Freebee 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 regions.