bp Invests in Freebee - a Free Local Electric Transit Business in the US

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

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

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

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 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. 

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.

Shaun Healey, principal at bp ventures, says: "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."

Kristopher Kimball, co-founder and managing partner at Freebee, adds: "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 decarbonizes 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." 

Jason Spiegel, co-founder and managing partner at Freebee, comments: "We are really 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."

Established in 2012, Freebee currently operates a fleet of more than 150 electric vehicles in over twenty-five municipalities and college campuses within the state of Florida as well as in Virginia Beach, Virginia.