Circuit AV raises $11M Series A to expand transportation business.

Date:

Share post:

[ad_1]

new york, September 7, 2022 /PRNewswire/ – Circuit, an on-demand, electric shuttle service, has been shut down. $11 million Series A financing round led by Tribeca Venture Partners. Investors include Citi Impact Fund, Impact Engine, Groundswell Ventures, Gaingels, Los Angeles Clinic Incubator (LACI) Impact Fund and Leading Venture Partners.

The district generates revenue through service contracts with cities and private developments and through its advertising platform. The new capital will be used to grow the Cirques team, develop the technology and expand into more markets as demand for the service continues to grow rapidly. The company has more than tripled its size since 2020 and will continue to add new markets this year.

Circuit serves first and last mile connections to major urban destinations, 100% electric fleet. It focuses on short-distance clustered rides to reduce the need for parking in downtown areas and reduce the number of cars on the road. The district services They helped avoid more than 500 metric tons of GHG emissions by 2021, and are on track to double that this year.

“James and I have been fortunate to grow the business with our amazing team and clients. We’ve seen a huge increase in demand and opportunities as cities and developers pay more attention to traffic congestion, emissions and efficient mobility solutions. Be happier. Alex Espositoco-founder of the circuit.

“The issue of first/last mile transportation has long been a challenge for cities, transit agencies and developers.” Brian Hirsch, Founder and Managing Partner of Tribeca Venture Partners. “Circus’ solution is smarter, greener and more cost-effective than traditional options. It’s amazing how the team has worked with these large, complex b2b and b2g clients and how they’ve been embraced by the wider community around tech-enabled solutions. The country.”

The future of circuit is mobility. In 2021, 52 percent of all trips It was three miles or less. A technology-enabled platform, including the Circuit app, implements on-demand ride-share services to help urban residents get around in a sustainable, affordable and interactive way. The services are subsidized by B2B and B2G service contracts, so they’re always the cheapest way to get around town. In some cases, completely free. Drivers are W2 employees and usually local to the community. A district saves every city money, reduces emissions, creates jobs and lowers transportation costs for residents and visitors.

The business, which started as a coaster in the Hamptons, is now in 30 markets in eight states, and announced a partnership with Bryline Rail Systems late last year, expanding services in West Palm Beach, ft. LauderdaleAnd Miami Florida. They include more recent launches Wilton ManorsFL; Plymouth, MA; Chula Vista, CA; Oceanside, CA And Huntington Beach, California

About District: It was founded by James Miras And Alex Esposito In the year In 2011, Circuit Electric is a micro-transit solution. District uses cars that meet the first/last mile gap faced by municipalities around the world. The service is made possible through cooperation with municipalities, developers and advertising partners. Since starting the company as a pet project in their hometown, the business now operates in cities such as NY, FL, CA, NJ, CO, MA and TX. 6 million You’ll drive without burning an ounce of gas or traveling more than a few miles. Learn more at www.ridecircuit.com

About Tribeca Venture Partners (“TVP”): TVP is a NYC-based venture capital firm with world-class entrepreneurs primarily in the new york An environment using new technologies and business models to create and disrupt huge markets. Notable past and current TVP investments include ACV Auctions, Katapult, ShopKeep, Appnexus, BetterCloud (acquired by Vista Equity Partners), Clypd (acquired by AT&T), Thinkful, AlphaSense and Honeybook.

source circuit

[ad_2]

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img

Related articles

New Soundboard Review: Pricing is Not Always the Only Criteria

I actually first read this as alkalizing meaning effecting pH level, and I was like, OK I guess...

Technology Will Help Keep Your Smartphone from Becoming Obsolete

I actually first read this as alkalizing meaning effecting pH level, and I was like, OK I guess...

Hottest Wearable Tech and Smart Gadgets of 2022 Will Blow Your Mind

I actually first read this as alkalizing meaning effecting pH level, and I was like, OK I guess...

Things to Look For in a Financial Trading Platform Environment

I actually first read this as alkalizing meaning effecting pH level, and I was like, OK I guess...