Brazil’s Tembici, Itaú bicycle rental operator, raises US$80 million to accelerate electrification

According to an Itaú survey, Brazilian consumers increased their spending on bicycles by 54.4% last year. The survey considers spending with credit and debit cards processed by the bank's electronic payments company.

RIO DE JANEIRO, BRAZIL - Tembici, the mobility startup that operates Itaú's well-known bicycle rental plan, has completed a R$420 million (US$80 million) round of funding. The round, series C, was led by Crescera Capital and included two new investors, Pipo and Endeavor Catalys, joining funds IFC, Valor, Red Point, and Igah.

The funds will be used to expand the number of electric bicycles in operation. This will be the startup's big bet for the future. "The e-bike is highly anticipated by users because it expands the possibility of daily use since it facilitates longer . . .

To read the full NEWS and much more, Subscribe to our Premium Membership Plan. Already Subscribed?