Circuit, an electric shuttle service, raised $11 million in Series A funding.
Tribeca Venture Partner led the round with participation from Citi Impact Fund, Impact Engine, Groundswell Ventures, Gaingels, the Los Angeles Cleantech Incubator (LACI) Impact Fund, and Forefront Venture Partners.
Circuit, which started as a beach shuttle in the Hamptons in 2011, now operates across eight states in the USA. The startup serves first and last-mile connections to key urban destinations with a 100% electric fleet. It specializes in pooled rides over short distances to reduce demand for parking in downtown areas and mitigate the number of cars on the road.
“The first/last-mile transportation issue has been a challenge for Cities, Transit Agencies, and developers for a very long time,” said Brian Hirsch, co-founder and Managing Partner of Tribeca Venture Partners.
Brian Hirsch added: “Circuit’s solution is smarter, greener, and more cost effective than traditional options. It’s impressive how the team has worked with these larger, more complex B2B and B2G customers and how the tech-enabled solutions have been embraced by a wide mix of communities around the country.”
Circuit aims to be the future of mobility. In 2021, 52% of all trips were three miles or less.
Through its tech-enabled platform, which includes the Circuit app, the company implements on-demand ride-share services to help urban dwellers get around the neighborhood in a sustainable, affordable, and interactive way.
Circuit generates revenue through service contracts with cities, private developments, and advertising platforms. The startup plans to use the new funds to grow its team, enhance its technology, and expand to more markets as demand for its services....