Firstly, bp ventures invested $6 million in the all-electric ride-hailing business Freebee. It is a Miami-based company that provides free, on-demand transportation to local communities through their mobile app Ride Freebee.
Moreover, Freebee has established itself as a premier mobility platform in Florida. It seeks to address the many issues arising from the increased use of personal vehicles in the US, like traffic congestion and increased carbon emissions.
Thirdly, the company´s free-to-the-user trips are financed through local governments as part of municipalities’ public transport networks and private entities such as corporate business parks, hotels and resorts, and university campuses.
Electric vehicles
In addition, Freebee owns a fleet of more than 150 electric vehicles and employs more than 230 drivers full-time. Also, this investment will help Freebee boost its technology development capacity and expand the team, helping to scale the business across the US.
The service is available in more than 25 municipalities and campuses in Florida and Virginia. The company wants to expand into seven new cities in the two states before the end of 2022. The growth is expected to help the business move over 1 million passengers by the end of the year.
bp ventures invest 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.
Shaun Healey, principal, bp ventures
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Net zero alliances
Moreover, 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 excited at the opportunity to partner with bp ventures, which shares many of the same values that Freebee seeks to spread in our communities each day. Our goal is to accelerate our growth and continue executing our mission of providing equitable and accessible transportation, which in turn helps drive economic development and stimulates the local economies.
Jason Spiegel, co-founder and managing partner at Freebee.
Finally, Shaun Healey, principal at bp ventures, will join the Freebee board, along with Dabo Horsfall, CEO of Tensile Mobility. To date, bp ventures have invested almost $1bn in more than 40 active investments across seven geographies.
About bp ventures
bp ventures were set up more than ten years ago to identify and invest in private, high-growth, game-changing technology companies, accelerating innovation across the entire energy spectrum.
Since then, bp has invested almost $1 billion in technology companies across more than 40 active investments with more than 250 co-investors.
bp ventures focus on connecting and growing new energy businesses. It makes strategic equity investments across a portfolio of relevant technology businesses, including advanced mobility, low carbon, and digital.
Get more information about bp, here.
About Freebee
Freebee provides free, on-demand, 100% electric transportation as part of the public transit network of many municipalities, colleges and universities, and private entities such as corporate business parks, hotels, and resorts. Established in 2012, Freebee currently operates a fleet of more than 150 electric vehicles in over 25 municipalities and college campuses within Florida and Virginia Beach, Virginia.
