New York, September 7 July 2022 /PRNewswire/ — On-demand electric shuttle service circuit closed $11 million Series A financing led by Tribeca Venture Partners. Investors include Citi Impact Fund, Impact Engine, Groundswell Ventures, Gangeels, Los Angeles Cleantech Incubator (LACI) Impact Fund and Forefront Venture Partners.
Circuit generates revenue through service contracts with municipal and private developments and through its advertising platform. As demand for its services continues to grow rapidly, the new funding will be used to grow Circuit’s team, enhance its technology and expand into additional markets. The company has more than tripled in size since 2020 and will continue to add new markets this year.
Circuit has a 100% electric fleet, providing first- and last-mile connectivity to major urban destinations. It focuses on short-distance carpooling to reduce parking needs in downtown areas and reduce the number of cars on the road. Circuit’s services helped avoid more than 500 metric tons of greenhouse gas emissions in 2021, and this year’s impact is expected to more than double.
“James and I are fortunate to grow the business with our amazing team and customers. As cities and developers focus more on congestion, emissions and efficient mobility solutions, we see a huge increase in demand and opportunity. The financing is even more exciting and, more importantly, we will have a great group of investors to help scale the business,” Alex Espositoco-founder of Circuits.
“First mile/last mile traffic has been a challenge for cities, transit agencies and developers for a long time,” Brian Hershey, co-founder and managing partner of Tribeca Venture Partners. “Circuit’s solution is smarter, greener and more cost-effective than traditional solutions. It’s impressive how the team has worked with these larger and more complex b2b and b2g customers, along with the tech-enabled solution How to be accepted by the wider community around the country.”
Circuits are the future of mobility. 2021, 52% of trips is three miles or less. Through its technology-enabled platform that includes the Circuit app, the company implements on-demand ride-sharing services to help city dwellers get around their communities in a sustainable, affordable and interactive way. These services are subsidized through B2B and B2G service contracts, so they are always the cheapest way to get around town. In some cases, completely free. The drivers are W2 employees, usually locals in the community. Circuits can save every city money, reduce emissions, create jobs and reduce transportation costs for residents and visitors.
The business, which started as a beach shuttle in the Hamptons, now operates in 30 markets in eight states, and announced a partnership with Brightline Train Systems late last year to expand West Palm Beach, foot.lauderdaleand Miami, Florida. Including other recent releases Wilton ManorFlorida; Plymouth, Massachusetts; Chula Vista, California; Oceanside, California and Huntington Beach, California
About the circuit: founder James Milas and Alex Esposito In 2011, Circuit was an electric micro-mobility solution. Circuit uses fleets capable of meeting the first mile/last mile gap experienced by cities around the world. This service is made possible by working with municipalities, developers and advertising partners.Since its inception as a pet program in their hometown, the company now operates in cities including New York, Florida, California, New Jersey, Colorado, Massachusetts and Texas, and provides more than 6M Ride without burning an ounce of gas or driving more than a few miles.Visit www.ridecircuit.com for more information
About Tribeca Venture Partners (“TVP”): TVP is a New York City-based venture capital firm working primarily with world-class entrepreneurs New York The field leverages emerging technologies and business models to create and disrupt huge markets. Notable prior 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.
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