Circuit raises $11 million Series A to expand electric vehicle shuttle business


New YorkAnd the 7 September 2022 /PRNewswire/ – Circuit, on-demand electric shuttle service, closed 11 million dollars Series A funding round led by Tribeca Venture Partners. Investors included Citi Impact Fund, Impact Engine, Groundswell Ventures, Gaingels, Los Angeles Cleantech Incubator (LACI) Impact Fund and Forefront Venture Partners.

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

Circuit serves first and last mile connections to major urban destinations, with a 100% electric fleet. It specializes in group rides for short distances, to reduce the demand for parking in downtown areas and reduce the number of cars on the road. Circuit services helped avoid more than 500 metric tons of greenhouse gas emissions in 2021, and are on track to double that impact this year.

“James and I have been privileged to grow the business with our amazing team and customers. We have seen a huge surge in demand and opportunity as cities and developers pay more attention to congestion, emissions and efficient mobility solutions. We couldn’t have been more excited about the tour and, most importantly, the large selection of Investors we will have on our side to help expand the business,” Alex EspositoCo-founder of Circuit.

“The first/last mile transportation problem has been a challenge for cities, transportation agencies and developers for far too long,” he said. Brian HirschCo-Founder and Managing Partner of Tribeca Venture Partners. “Circuit’s solution is simply smarter, greener, and more cost-effective than traditional options. It’s impressive how the team has worked with larger and more complex b2b and b2g clients and how technology-enabled solutions have been embraced by a wide range of communities around the country.”

The Circle is the future of mobility. In 2021, 52 percent of all trips It was three miles or less. Through its technology-enabled platform, which includes the Circuit app, the company implements on-demand ride-sharing services to help city dwellers get around the neighborhood in a sustainable, affordable, and interactive way. Services are backed by B2B and B2G service contracts, so it’s always the least expensive way to get around town. In some cases, it’s completely free. Drivers are employees of W2 and are usually local to the community. Circuit saves money for every city, reduces emissions, creates jobs, and lowers transportation costs for residents and visitors.

The business, which started as a beach bus in the Hamptons, is now in 30 markets across eight states, and announced a partnership with Brightline Train Systems late last year, to expand services in West Palm BeachAnd the Foot. LauderdaleAnd the Miami, Florida. Additional recent launches include Wilton ManorsFlorida; Plymouth, Massachusetts; Chula Vista, California; Oceanside, California And the Huntington Beach, California.

About the circuit: founded by James Meeras And the Alex Esposito Established in 2011, Circuit is a small electric transmission solution. Circuit uses fleets of vehicles that meet the first/last mile gap experienced by municipalities around the world. The service is made possible through cooperation with municipalities, developers and advertising partners. Since starting out as a pet project in their hometown, the company now operates in cities across New York, Florida, California, New Jersey, Cologne, MA, and Texas, and has provided more than 6 pm Riding without burning an ounce of gas or traveling more than a few miles. Learn more through www.ridecircuit.com

About Tribeca Venture Partners (“TVP”): TVP is a New York City-based venture capital firm that engages primarily with global entrepreneurs New York Leverage emerging technologies and business models to create and disrupt massive 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.

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