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- tembici.
tembici. Funding, Investors & Competitors
tembici. has raised $246M 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
$246M
across 7 funding rounds
Key investors in tembici.
Igah Ventures
Bossa Invest
International Finance Corporation
Valor Capital Group
Crescera Capital
Redpoint eventures
Joá Investimentos
Endeavor Catalyst
About tembici.
Tembici is a Brazilian micromobility company that runs docked bike-sharing systems, including electric bicycles, in cities in Brazil, Argentina, Chile and Colombia. It was founded in 2010 by Tomas Martins and Mauricio Villar, growing out of a university project that placed shared bicycles on the campus of the University of Sao Paulo. Its orange bicycles are sponsored by the bank Itau, and it also rents electric bikes to delivery workers. It bought the operation of Samba Transportes Sustentaveis in 2017 and the Chilean operator Bike Santiago in 2018. It raised a US$15 million Series A in 2019, a US$47 million round in June 2020 and an US$80 million Series C led by Crescera Capital in September 2021. Brazilian press reported revenue of R$146 million in 2021.
Founded
2010
HQ
Website
Status
Privately held
Customer focus
B2C & B2G
Revenue model
Usage-based
Sectors
tembici. Funding History
tembici. has raised a total of $246M 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
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Dec 2023 | Undisclosed stage | Crescera Capital; IDB Invest; U.S. International Development Finance Corp; Good Karma Partners | $23M | Tembici 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. |
| Oct 2022 | Strategic investment | Itaú; Vanti; Mastercard | $11M | Tembici received about US$10.6 million in October 2022 from Itau, Mastercard and Vanti, the sponsors of the shared bicycle system it launched in Bogota that month. The Brazilian bike-sharing operator won the contract to run the system, which started operating on 30 September 2022 with 1,500 mechanical bicycles and expanded to 3,300 bicycles and 300 stations. The round followed a US$10 million investment led by Blue like an Orange in April 2022. Tembici was founded in 2010 and runs docked bike-sharing in Brazil, Argentina, Chile and Colombia, with orange bicycles sponsored by Itau. It raised an US$80 million Series C led by Crescera Capital in September 2021 and about US$32 million from the Brazilian development bank BNDES in early 2023. |
| Apr 2022 | Undisclosed stage | Blue like an Orange Sustainable Capital (lead) | $10M | Tembici raised US$10 million in April 2022 in a round led by the sustainability-focused investor Blue like an Orange Sustainable Capital. The money came between the US$80 million Series C of September 2021, led by Crescera Capital, and the October 2022 investment from Itau, Mastercard and Vanti linked to the shared bicycle system in Bogota. Tembici operates docked bike-sharing systems in Brazil, Argentina, Chile and Colombia and builds and runs electric bicycle fleets, including bikes rented to delivery workers. The company was founded in 2010 by Tomas Martins and Mauricio Villar and its orange bicycles are sponsored by the bank Itau. Its investors also include Valor Capital Group, Redpoint eventures, the International Finance Corporation and Igah Ventures. |
| Dec 2021 | Undisclosed stage | Bossa Invest | $60M | Tembici 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 2021 | Series C | Crescera Capital (lead); Endeavor Catalyst (lead); PIPO Capital (lead); Redpoint eventures; Igah Ventures; International Finance Corporation; Valor Capital Group; Bossa Invest | $80M | Tembici 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 2020 | Series B | Redpoint eventures (lead); Valor Capital Group (lead); Joá Investimentos; Igah Ventures; International Finance Corporation | $47M | Tembici 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 2019 | Series A | Igah Ventures (lead); Joá Investimentos | $15M | Tembici closed a Series A of US$15 million in early 2019, led by Joa Investimentos, the fund of the television presenter Luciano Huck. The company said it would use the money to expand its bike-sharing systems and prepare the electric bicycle service that followed. Tembici was founded in 2010 by Tomas Martins and Mauricio Villar, growing out of a university project that placed shared bicycles on the campus of the University of Sao Paulo. In 2017 it bought the operation of Samba Transportes Sustentaveis, taking over the Bike Rio and Bike Sampa systems sponsored by Itau. The company followed the Series A with a US$47 million round in June 2020, which was led by Valor Capital Group and Redpoint eventures and included the International Finance Corporation. |
Who has invested in tembici.?
16 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 Blue like an Orange Sustainable Capital, Crescera Capital, Endeavor Catalyst, PIPO Capital, Redpoint eventures and 2 other investors.
tembici. Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Mar 2019 | ||
| 2 | Participant | Mar 2019 | ||
| 2 | Lead | Jun 2020 | ||
| 2 | Lead | Sep 2021 | ||
| 2 | Participant | Jun 2020 | ||
| 2 | Lead | Jun 2020 | ||
| 2 | Participant | Sep 2021 | ||
| 1 | Lead | Apr 2022 | ||
| 1 | Participant | Dec 2023 | ||
| 1 | Participant | Oct 2022 | ||
| 1 | Participant | Dec 2023 | ||
| 1 | Participant | Oct 2022 | ||
| 1 | Lead | Sep 2021 | ||
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Start Free TrialAcquisitions by tembici.
tembici. has acquired 2 companies to date.
Last acquisition by tembici. was on July 5th 2018. tembici. acquired Bike Santiago for undisclosed valuation.
Latest Acquisitions by tembici.
| 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. | Samba Transportes Sustentaveis is a Brazilian operator of public bike-sharing systems. It ran the Bike Rio and Bike Sampa systems sponsored by the bank Itau in Brazil's main state capitals before Tembici bought its operation in 2017. Brazilian press described it as nearly ten times the size of its buyer at the time. After the transaction the Samba brand continued to manage the Bike Sampa, Bike Rio, Bike Poa, Bike PE and Bike Salvador systems under Tembici's control. The business earns fees and user revenue from the sponsored systems it operates for city governments. Its systems use docked stations and a mobile app for unlocking bicycles, and the sponsorship by the bank pays for much of the cost of running them. |
| HQ Country | ||
| HQ City | Santiago | Sao Paulo |
| Deal Date | 5 Jul 2018 | 1 Jan 2017 |
| Valuation | undisclosed | undisclosed |
| 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.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $14B | - | ||
| Private | $558M | - | $8.5B | - | ||
| Publicly listed | $3.5B | ($2.8B) | $7.6B | 2.0x | ||
| Publicly listed | $6.3B | $103M | $6.6B | 0.8x | ||
| Publicly listed | $3.2B | $337M | $3.8B | 0.6x | ||
| Private | - | - | $3B | - |
tembici. Public Comps
tembici. is still privately-owned, but its public comps include VinFast, Lyft, Ninebot, Aima Technology Group, Bajaj Mobility, Lime, Piaggio, Youon Technology, Phoenix Bicycle and Martı.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $3.5B | ($2.8B) | 2.6x | 2.0x | (3.3x) | (3.8x) | |||
| $6.3B | $103M | 0.9x | 0.8x | 58.0x | 8.7x | |||
| $3.2B | $337M | 0.7x | 0.6x | 6.9x | 6.7x | |||
| $3.8B | $425M | 0.5x | 0.5x | 4.4x | 5.6x | |||
| $1.1B | $985M | 1.9x | - | 2.2x | - | |||
| $887M | $87M | 0.9x | - | 8.9x | - | |||
| $1.7B | $277M | 0.4x | 0.4x | 2.3x | 2.2x | |||
| $62M | ($17M) | 6.7x | - | (24.4x) | - | |||
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Common questions about tembici.
| When was tembici. founded? | tembici. was founded in 2010. |
| 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 $246M 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, Joá Investimentos, Redpoint eventures, Crescera Capital, International Finance Corporation, Valor Capital Group, Bossa Invest, Blue like an Orange Sustainable Capital, IDB Invest, Itaú and 6 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 2 companies, including Bike Santiago and Samba Transportes Sustentaveis. |
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