Tembici invests BRL 53 million to bring its shared bikes to Colombia

Brazilian micromobility startup will bring 3,300 shared bikes to Bogotá, expanding its presence in Latin America, where it also operates in Chile and Argentina

Tembici raises $80 million to speed up new business line focused on cycle delivery
Tembici's co-founders Tomás Martins (CEO) and Mauricio Villar (COO). Photo: Tembici/Courtesy
Ler em portuguêsLeer en español

Tembici, a Brazilian micro-mobility technology startup, has just announced its debut in Colombia, with an investment of over BRL 53 million to set up its bike rental system, starting in the capital Bogotá, a city that is already a reference in urban mobility and intermodal integration. By doing so, Tembici boosts its presence in Latin America, where it already operates in Chile and Argentina.

Tembici won the Bogotá city government’s tender with a proposal for a substantial investment in technology and electric bikes: there are 3,300 bikes, 1,500 of them e-bikes, and at least 300 stations.

“We see a giant potential market in Bogotá. The city is a reference in terms of active mobility and has an excellent cycling network, with more than 550 kilometers of cycling infrastructure. Its first bicycle path is almost 50 years old. And with the pandemic, the city has taken the opportunity to encourage even more use of the pedal,” said Tomás Martins, CEO and co-founder of Tembici.

READ ALSO: Tembici raises $80 million to speed up new business line focused on bike delivery

The Tembici stations are planned to be spread out in the neighborhoods of Usaquén, Chapinero, Barrios Unidos, Santa Fe, and La Candelaria. The locations were chosen based on studies and analyses carried out by the company’s team of urban planners, evaluating criteria such as proximity to bicycle infrastructure, possibilities of greater demand, and integration with public transportation.

The system will start operating gradually as of the second half of 2022 and expects to have the entire bicycle service and stations available in September.

READ ALSO: Mexican neobroker Flink to expand to Colombia this year

Plans after Series C round

Tembici’s investment in Bogotá is part of the post-Series C expansion agenda. In September last year, the startup secured a $80 million (about BRL 420 million) funding round led by Crescera Capital, which also joined the startup‘s board. The Series C was also backed by Pipo and Endeavor Catalyst.

While the previous rounds were important to consolidate the product and the business model, this new funding will be allocated to the operation’s growth: increasing the fleet, expanding to other cities, and accelerating Tembici’s new business line, focused on bike delivery.

READ ALSO: Wanting to shake things up and create a secondary market for venture capital in emerging markets, Velvet snags $200 million

The first step came in October, when the startup launched its own branded system in Brasília. Soon after, it announced the expansion of iFood Pedal program, a project designed and carried out exclusively for delivery people that makes electric bicycles available for deliveries at a low cost.

The expansion strategy includes adding 10,000 new bikes to the fleet by the end of next year and starting operations in new cities. The startup currently runs 16,000 bikes in Brazil, Argentina, and Chile; 1,000 of them are electric, the so-called e-bikes, which mainly serve professionals who work for delivery apps in Rio de Janeiro and São Paulo cities. From this new fleet, 5,000 will be e-bikes.

Get the best insights about Latin America market in your inbox