tembici. Funding, Investors & Competitors

tembici. has raised $266M across 7 funding rounds, most recently a $23M undisclosed-stage round in December 2023.

Last tembici. funding round

$23M

Undisclosed stage · Dec 2023

Cumulative funding tembici. raised

$266M

across 7 funding rounds

Key investors in tembici.

  • Igah Ventures
  • Bossa Invest
  • International Finance Corporation
  • Valor Capital Group
  • Crescera Capital
  • Redpoint eventures
  • Endeavor Catalyst
  • U.S. International Development Finance Corp

tembici. Overview

About tembici.

Tembici is a Sao Paulo-headquartered micro-mobility operator dominating bike and scooter sharing in Latin America. The company manages over 20,000 bikes in cities including Sao Paulo, Rio de Janeiro, and Mexico City. Tembici partners with municipal governments for first- and last-mile solutions, integrating with public transit systems to serve millions of daily commuters.


Founded

2012

HQ

BrazilSão Paulo

Status

Privately held

Customer focus

B2C & B2G

Revenue model

Usage-based

tembici. Funding History

tembici. has raised a total of $266M across 7 funding rounds.

tembici.'s first fundraising round was a $15M Series A in March 2019. The most recent completed round was a $23M undisclosed-stage round in December 2023.

tembici. funding rounds

tembici. funding rounds
DateStageInvestorsRaisedDeal Summary
Dec 2023Undisclosed stageCrescera Capital; IDB Invest; U.S. International Development Finance Corp; GK Ventures$23MTembici is a Brazilian micromobility startup founded in 2012 by Tomás Martins and Maurício Villar, operating one of the largest shared-bicycle networks in Latin America with a focus on sustainable urban mobility. The company provides bike-sharing services, including standard and electric bikes, through a user-friendly app for locating stations, and serves cities in Argentina, Brazil, Chile, and Colombia. In 2023, it managed 27 thousand bicycles (27% growth from prior year), 8 thousand e-bikes (30% of fleet), 1,970 stations, and 3,291,258 registered users across 16 cities (3 new in 2023). It also partnered with iFood for over 8.4 million deliveries. In December 2023 at COP28, IDB Invest and U.S. International Development Finance Corporation (DFC) announced a combined $23 million equity investment in Tembici to scale electric bike-sharing services. IDB Invest contributed $5 million of its own capital plus $3 million blended finance from the Finland-LAC Blended Finance Climate Fund, while DFC invested $15 million. This funding supports expansion, aiming to grow active users from 300,000 in 2023 to over 1 million by 2029 and trips to nearly 600 million annually by 2029, reducing CO2 emissions equivalent to 15,000 cars. Tembici produces its own e-bikes in a Manaus assembly plant, targeting over 50,000 units from 2023-2029. The company has raised over $287 million total funding historically, including prior rounds like $32 million from BNDES, $10.6 million in October 2022 from Itaú, Mastercard, and Vanti, and $10 million in April 2022 from Blue Like an Orange. It holds B Corp certification, auctioned carbon credits in 2022, and focuses on ESG-aligned growth in smart cities and decarbonization.
Feb 2023Undisclosed stageThe Brazilian Development Bank(BNDES) (lead)$31MTembici is a Brazil-based micro-mobility platform specializing in bike-sharing systems, operating in major Brazilian cities as well as Buenos Aires, Argentina, Santiago, Chile, and other locations in Colombia. The company focuses on sustainable urban mobility through docking station-based bike services, including electric bikes, and emphasizes environmental impact like carbon emission reductions and waste recycling. In February 2023, Tembici secured approximately USD32 million (R$160 million) in financing from BNDES, structured as debt through lines like Fundo Clima and Finem Mobilidade Urbana, to support innovation, expansion, and operational improvements. This followed prior rounds including a USD10 million investment led by Blue Like an Orange in April 2022 and USD10.6 million from Itaú, Mastercard, and Vanti in October 2022, with total funding reaching around $127 million across three rounds by early 2023. The BNDES financing, described as a conventional debt round of $31.04 million completed on February 6, 2023, reflects investor confidence in Tembici's growth in the micromobility sector amid rising demand for green transportation post-COVID. Complementing this, Tembici's Credit Rights Investment Fund (FIDC) provided over R$100 million in short-term financing, and later in November 2023, it welcomed new investors BID Invest, DFC, and the Finnish Blended Finance Climate Fund for US$23 million. In its 2023 Impact Report, Tembici reported breaking revenue records across users, sponsorships, media, and partnerships, achieving 50% of revenue from users (up 27% YoY), 55% gross margin, and 54% YoY growth in gross profit, alongside 42% from users in a specific distribution breakdown. The company highlighted operational reliability, system expansion, and positive city impacts like increased cycling and energy savings equivalent to 8,853 thousand GJ. Tembici positions itself as a leader in Latin American urban mobility, aligning with trends toward sustainable transport, though it faces competition in a market emphasizing greener alternatives. A separate BNDES loan of BRL 84.6 million (USD 16.1 million) was signed in April 2024 under the BNDES More Innovation line with local content incentives, indicating continued support for innovation plans.
Oct 2022Series A-$10MTembici is a Brazil-based micro-mobility platform offering shared bicycles, including traditional and electric options, in urban areas across Latin America such as Brazil, Chile, Argentina, and Colombia. The company operates docked bike-sharing programs in 13 cities, with key concessions and long-term contracts providing barriers to entry and predictable cash flows. In April 2022, Tembici raised a USD 10 million round led by Blue Like an Orange. In October 2022, it secured approximately USD 10.6 million from Itaú, Mastercard, and Vanti to expand to Bogotá, Colombia, deploying 3,300 bicycles across 300 stations integrated with public transit. BNDES invested approximately USD 32 million in early 2023 to support operations. Tembici has raised a cumulative total ranging from USD 201.16 million to USD 287.1 million across multiple rounds, including later equity from IDB Invest up to USD 5 million as part of a Series C.
Dec 2021Undisclosed stageBossa Invest$60MTembici is a Latin American company focused on urban mobility solutions, particularly expanding electric bike operations. Bossa Invest participated in its funding round in December 2021, where Tembici raised $60 million to support growth in sustainable transportation. This aligns with investor interest in innovative public transportation technologies in the region. Total funding raised by Tembici across all rounds amounts to $287.1 million as of late 2025, indicating multiple prior and subsequent investments. Other investors like Crescera Capital supported a separate $80 million raise for Tembici, highlighting ongoing interest in its mobility platform.
Sep 2021Series CCrescera Capital (lead); Endeavor Catalyst (lead); PIPO Capital (lead); Redpoint eventures; Igah Ventures; International Finance Corporation; Valor Capital Group; Bossa Invest$80MTembici is a Brazilian micromobility startup operating bike-sharing systems across major Latin American cities including São Paulo, Rio de Janeiro, Salvador, Recife, Porto Alegre, Santiago in Chile, and Buenos Aires in Argentina, with over 50 million trips completed and a focus on electric bikes for deliveries and individual users. In September 2021, the company announced its Series C funding round of BRL 420 million (approximately $80 million USD equivalent based on related reports), led by Crescera Capital along with Endeavor Catalyst and PIPO Capital, plus investors like Bossa Invest, Igah Ventures, International Finance Corporation, Redpoint eventures, and Valor Capital Group; funds were allocated to fleet expansion, particularly e-bikes, and system growth including two ESG credit lines totaling BRL 80 million for bike-sharing expansion by end-2022. The round supported operational improvements during the pandemic, such as reducing bicycle loss rates and enhancing cost structures. For 2021 financial results released in March 2022, Tembici reported invoiced revenues of 146 million reais ($28.8 million), marking 40% growth over 2020, with gross profit up 70% and gross margin improving by 9 percentage points to drive sustainability. User revenue (B2C) reached a record 55% of total revenue, nearly tripling from January 2020 to January 2022, fueled by post-pandemic mobility recovery, WHO recommendations for cycling, and higher pricing for e-bikes; B2B revenue from sponsors like Itaú and iFood, plus advertising, complemented the model. The company targeted 292 million reais in 2022 revenues and aimed to increase user revenue share to 70% with e-bike rollout, while achieving over 16 million trips, 1,000 electric bikes, 16.4 thousand bikes, and 1,200+ stations. Tembici's traction included a 25% user increase year-over-year, monthly post-pandemic growth (except February's shorter days), and strategic positioning in micromobility amid rising courier demand and sustainable transport shifts. The Series C built on prior rounds like a $47 million Series B, enabling Latin American expansion and tech investments for efficient, durable solutions prioritizing user needs.
Jun 2020Series BRedpoint eventures (lead); Valor Capital Group (lead); Igah Ventures; International Finance Corporation$47MTembici is a leading Latin American micro-mobility company specializing in docked bike-sharing systems, operating iconic orange bicycles sponsored by Itaú Bank in major cities across Brazil (São Paulo, Rio de Janeiro, Salvador, Recife, Porto Alegre), Buenos Aires (Argentina), and Santiago (Chile). Founded in 2010 by Tomás Martins and Mauricio Villar at the University of São Paulo, Tembici claims 80% market share in Latin America's micromobility space and generates over 2 million monthly trips. The company announced a $47 million (R$270 million) Series B funding round on June 3, 2020 (World Bicycle Day), led by Valor Capital Group and Redpoint eventures, with participation from International Finance Corporation (IFC, part of the World Bank Group) and Joá Investimentos. The funding aims to expand Tembici's fleet in existing markets, launch electric bike services, increase bike accessibility, invest in R&D, and capitalize on post-COVID demand for safe, sustainable urban transport like bikes, which public health agencies recommend. Managing partners Scott Sobel (Valor Capital) and Romero Rodrigues (Redpoint eventures) joined Tembici's board. IFC's involvement marks its entry into micromobility, aiding regulatory partnerships and green urban solutions. Sources highlight Tembici's strong positioning amid 2020 trends, contrasting with struggles of peers like Lime and Grow Mobility. Tembici's operations follow a docked model similar to Citi Bike, targeting short-haul commutes. A later Series C of $80M led by Crescera Capital is noted separately, involving some prior investors for further expansion including bike delivery.
Mar 2019Series AIgah Ventures (lead)$15M-

Who has invested in tembici.?

12 investors have backed tembici. across its funding rounds, including Igah Ventures, Bossa Invest, International Finance Corporation, Valor Capital Group, Crescera Capital and Redpoint eventures.

Lead investors include The Brazilian Development Bank(BNDES), Crescera Capital, Endeavor Catalyst, PIPO Capital, Redpoint eventures and 2 other investors.


tembici. Investors

Investors in tembici. by funding rounds participated
InvestorHQRoundsRoleFirst check
Igah VenturesBrazilSão Paulo3LeadMar 2019
Redpoint eventuresBrazilSão Paulo2LeadJun 2020
Crescera CapitalBrazilRio de Janeiro2LeadSep 2021
International Finance CorporationUnited StatesWashington, DC2ParticipantJun 2020
Valor Capital GroupUnited StatesNew York City, NY2LeadJun 2020
Bossa InvestBrazilSão Paulo2ParticipantSep 2021
The Brazilian Development Bank(BNDES)BrazilRio de Janeiro1LeadFeb 2023
IDB InvestUnited StatesWashington, DC1ParticipantDec 2023
U.S. International Development Finance CorpUnited StatesWashington, DC1ParticipantDec 2023
Endeavor CatalystUnited StatesNew York City, NY1LeadSep 2021

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by tembici.

tembici. has acquired 1 company to date.

Last acquisition by tembici. was on July 24th 2018. tembici. acquired Bike Santiago for undisclosed valuation.


Latest Acquisitions by tembici.

Bike Santiago
Description
Bike Santiago is a Santiago-based bike rental service in Chile offering daily and hourly rentals of city bikes, e-bikes, and tandems. Operating from multiple stations in Providencia and Las Condes neighborhoods, it provides helmets, locks, and GPS tracking, with options for guided tours around Parque Bicentenario and Costanera Center.
HQ CountryChile
HQ City
Santiago
Deal Date24 Jul 2018
Valuationundisclosed
EV/Revenue
EV/EBITDA

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tembici. Competitors

tembici. competitors include listed companies like VinFast, Lyft and Ninebot, and private ones like Enilive, Bolt and ofo.

Public and private companies comparable to tembici.
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
EniliveItalyRomePrivate--$14B-
BoltEstoniaTallinnPrivate$592M-$8.3B-
VinFastVietnamVietnamPublicly listed$3.5B($2.7B)$7.6B3.0x
LyftUnited StatesUnited StatesPublicly listed$6.3B$103M$5.9B0.8x
NinebotChinaChinaPublicly listed$3.2B$335M$4.1B0.7x
ofoChinaChinaPrivate--$3B-

tembici. Public Comps

tembici. is still privately-owned, but its public comps include VinFast, Lyft, Ninebot, Aima Technology Group, Lime, Bajaj Mobility, Youon Technology, Piaggio, Phoenix Bicycle and BiNBiN.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
VinFast$3.5B($2.7B)4.1x3.0x(5.2x)(6.4x)
Lyft$6.3B$103M0.8x0.8x52.0x8.2x
Ninebot$3.2B$335M0.8x0.7x7.6x7.0x
Aima Technology Group$3.7B$422M0.6x0.6x5.3x6.0x
Lime$887M$87M2.2x-22.2x-
Bajaj Mobility$1.2B$1B1.8x-2.0x-
Youon Technology$61M($17M)6.2x-(22.7x)-
Piaggio$1.7B$284M0.8x0.7x4.7x4.5x

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Common questions about tembici.

When was tembici. founded?tembici. was founded in 2012.
Where is tembici. headquartered?tembici. is headquartered in São Paulo, Brazil.
Is tembici. publicly listed?No, tembici. is a private, VC-backed company.
How much funding has tembici. raised?tembici. has raised $266M across 7 funding rounds.
What was tembici.'s last funding round?tembici.'s last funding round was a $23M undisclosed-stage round in December 2023.
Who are tembici.'s investors?tembici.'s investors include Igah Ventures, Redpoint eventures, Crescera Capital, International Finance Corporation, Valor Capital Group, Bossa Invest, The Brazilian Development Bank(BNDES), IDB Invest, U.S. International Development Finance Corp, Endeavor Catalyst and 2 others.
Which companies are comparable to tembici.?Companies comparable to tembici. include Enilive, Bolt, VinFast, Lyft, Ninebot and ofo.
How many companies has tembici. acquired?tembici. has acquired 1 company, including Bike Santiago.

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