Total amount raised
$11 Millions
Latest funding date
09/01/2022
Location
Title
Circuit has successfully raised significant funding over multiple rounds, establishing itself as a key player in the electric shuttle service industry. The platform offers eco-friendly, affordable, and accessible transportation solutions, supported by strategic partnerships and advertising.
Keep reading to explore the intricacies of Circuit's fundraising journey and the investors backing this innovative platform.
What Is Circuit?
Circuit, founded around 2013, is dedicated to providing local electric shuttle services. The company focuses on making transportation easier, greener, and more affordable through innovative connections and strategic partnerships.
With a mission to offer low-cost, accessible, and eco-friendly rides, Circuit uses all-electric vehicles to reduce emissions and shared rides to alleviate traffic congestion. The company customizes its services to fit the unique needs of each community it serves.
While specific details about the founders and the number of employees are not readily available, Circuit's impact over the past decade highlights its commitment to community-focused, sustainable transportation solutions.
How Much Funding Has Circuit Raised?
- Funding Round: Series A
- Amount Raised: $11 million
- Date: September 2022
- Lead Investors: Tribeca Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The company intends to use the funds to grow its team, enhance its technology, and expand to more markets.
Circuit has raised a total of $11 million in funding. The current valuation is not publicly disclosed.
Key Investors
- Tribeca Venture Partners
- Details: Tribeca Venture Partners is a New York-based venture capital firm that invests in early-stage technology companies. They focus on providing capital and strategic support to help startups grow and succeed.
- Investment Focus Areas: Technology, media, financial services.
- Notable Investments: BetterCloud, CommonBond, ShopKeep.
- Citi Impact Fund
- Details: Citi Impact Fund is an investment arm of Citigroup that focuses on companies addressing societal challenges. They aim to support businesses that create positive social and environmental impacts.
- Investment Focus Areas: Affordable housing, workforce development, financial inclusion.
- Notable Investments: BlocPower, MoCaFi, The Mom Project.
- Impact Engine
- Details: Impact Engine is a venture capital and private equity firm that invests in companies generating positive social and environmental impact. They support businesses that aim to solve critical societal issues.
- Investment Focus Areas: Education, health, environmental sustainability.
- Notable Investments: Catalytic, Edovo, Hazel Technologies.
- Groundswell Ventures
- Details: Groundswell Ventures is a venture capital firm that invests in early-stage companies. They focus on providing the necessary resources and support to help startups scale.
- Investment Focus Areas: Technology, consumer products, healthcare.
- Notable Investments: Not publicly disclosed.
- Gaingels
- Details: Gaingels is a network of investors that focuses on supporting companies that promote diversity and inclusion. They aim to create a more inclusive economy by investing in diverse teams.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: Carta, MasterClass, Teachable.
What's Next for Circuit?
As Circuit looks to the future, the company is poised to capitalize on the growing demand for sustainable transportation solutions. With over 6 million rides already provided, the potential for expansion into new markets is substantial. Enhancing their technology and growing their team will be crucial steps in seizing these opportunities.
Future fundraising efforts are likely, given the success of their Series A round. These funds will support further market expansion and technological advancements. However, Circuit will need to navigate challenges such as competition from other micro-transit providers and regulatory hurdles in different municipalities.
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