Yellow raises $ 9 million to launch bicycles without a compartment in Brazil
Yellow, a mobility company based in Brazil, has just raised a $ 9 million seed round for its shared bicycle service.
Yellow was founded by Ariel Lambrecht and Renato Freitas, who sold their 99 carpool company to Didi in a $ 1 billion deal earlier this year. The third co-founder of Yellow is Eduardo Musa, CEO of bicycle manufacturer Caloi.
Yellow intends to use the funds to deploy its first 20,000 bicycles without a pier. This summer. Yellow plans to deploy a total of 100,000 bicycles. Ultimately, Yellow foresees the deployment of more than one million bicycles.
"As local residents, we are very aware of the weaknesses caused by Brazil's inefficient public transit, and we built Amarillo specifically to address them," Musa said in a press release. "Our goal is to improve the circulation of urban traffic and curb harmful emissions of greenhouse gases by providing a fun and profitable mode of transport that is integrated with other public transport systems to optimize daily routes in large cities."
Since e-scooters and electric bicycles are the new craze, it's not surprising that Yellow also plans to deploy those modes of transportation.
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