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 ride free beeBacked by Freebee’s current infrastructure capital partner, Tensile Mobility, bp led the company’s $8 million Series A round.
Freebee’s free user travel is funded by local governments as part of the city’s public transportation network, as well as by private entities such as corporate business parks, hotels and resorts, and university campuses. Freebee has established itself as Florida’s premier mobility platform and seeks to address many of the problems created by the increased use of personal vehicles in the United States, such as traffic congestion and increased carbon emissions.
Freebee has a fleet of more than 150 electric vehicles and employs more than 230 full-time drivers. The investment will help Freebee increase its technology development capabilities and expand its team to help expand its business in the United States. The service is currently available in more than 25 cities and campuses in Florida and Virginia, and Freebee aims to expand to seven new cities in both states by the end of 2022. The expansion is expected to help the business by the end of the year.
In addition to leading the funding round, bp will partner with Freebee to expand its business in the United States and will explore opportunities to partner to launch electric vehicle charging infrastructure, advancing bp’s mobility growth engine.
“bp Ventures invests in companies that meet bp’s goal of achieving net-zero emissions by 2050 or sooner. The team at Freebee has come up with a brilliant business idea to encourage electric vehicle mobility at no cost to the user. We are very proud to be in Miami First investment in the burgeoning tech sector and looking forward to getting started with the team.”
Shaun Healey, Head of bp Ventures
Kris Kimball, co-founder and managing partner of Freebee, added: “Living in Miami as students, my co-founder Jason Spiegel and I felt there had to be a more affordable way to get around the city. With Freebee, we’ve revolutionized ride-hailing, offering a service that accelerates the decarbonization of travel , and it’s free for users. This investment from bp Ventures is a nod to our idea of to promote Freebee in the U.S. together.”
Jason Spiegel, co-founder and managing partner of Freebee, added: “We are delighted to have the opportunity to partner with bp Ventures, which shares many of the values that Freebee seeks to spread in our community every day. Our goal is to accelerate our growth and continue our mission of providing fair and accessible transportation, which That in turn helps drive the economy and stimulate the local economy.”
Shaun Healey, head of bp Ventures, will join Freebee’s board of directors along with Dabo Horsfall, chief executive of Tensile Mobility.
To date, bp Ventures has invested nearly $1 billion in more than 40 active investments across seven regions.