SAO PAULO, June 3 (Reuters) - Brazilian bike-sharing company Tembici has raised $47 million in its second finance round to roll out electric bikes and expand services, as the coronavirus pandemic is likely to draw more people to commute by bike, it said on Wednesday.
The funding round was led by venture capital investors Valor Capital Group and Redpoint eventures, besides existing investor Joa Investimentos. International Finance Corp, the private investment arm of the World Bank, has also invested in Tembici.
Carlos Leiria Pinto, IFC Brazil country manager, said in a statement he believes that micromobility solutions will be critical in the post-pandemic context.
Tembici will use the proceeds to expand its fleet in cities it already operates and also to implement electric bicycles, its chief executive, Tomás Martins, said.
Founded in 2010, Tembici operates in the Brazilian cities of Sao Paulo, Rio de Janeiro, Recife, Porto Alegre and Salvador, and in Buenos Aires and Santiago.
Reporting by Carolina Mandl; Editing by Leslie Adler
Our Standards: The Thomson Reuters Trust Principles.