Blue Like an Orange invested USD10m in Tembici, a Brazilian micro-mobility platform focused on bikes with operations in Chile and Argentina. Crescera Capital led a USD80m Series C in October 2021; Valor Capital Group led a USD47m Series B in June 2020.

(Press Release) – Blue like an Orange Sustainable Capital has invested in the Series C equity round of Tembici (“Company”), alongside reputable international and local investors. Tembici is a leader in technology for micromobility in Latin America, focused on docked bike-sharing systems. Founded in 2010, the Company currently operates a fleet of 16k bikes across 12 cities in Brazil, Chile and Argentina, offering an affordable and clean transportation alternative to the population, with a current coverage of more than 3 million users.

Urban mobility is critical for sustainable development, particularly in cities where there is high population
density, including capitals and large cities in Latin America. Tembici focuses on downtown locations with
high traffic, near commercial and business centers, universities and tourist attractions, giving priority to
urban roads with bike lanes and integration with other transportation modals, such as buses and subways.

Given its shared network of bikes and e-bikes, the Company seeks to complement the public urban
infrastructure and collaborate with the public sector in order to support the development of sustainable
micromobility and smart cities. In many locations, Tembici is the first provider of bike-sharing services,
with a strong innovation component combining leading technology and the best practices in the industry,
which improves the user’s journey experience.

The use of bikes as a mode of transportation in urban areas contributes to the reduction of greenhouse
gases and chemical pollutants emissions into the atmosphere, providing benefits to the health of its users
and the general population of the cities where it is available. In 2021, around 7 thousand tons of CO2 were avoided, and for each ton emitted, it is necessary to plant more than 7 trees to replace it. Besides being a clean alternative, Tembici offers an affordable and quality transportation to its users. Additionally,
through Tembici’s partnership with iFood (a Brazilian food delivery app), delivery couriers, an occupation
that has significantly increased during the COVID-19 pandemic, can have access to e-bikes for more
affordable prices, rest stops, and online training content on safety and road awareness. Only last year, the
project made more than 1 million green deliveries.

“It is a great satisfaction to have Tembici as our first equity investment in Latin America and partner with
Brazilian entrepreneurs truly committed to a better and more sustainable way of living”, mentioned
Cristina Penteado, Managing Director and Head of Brazil of Blue like an Orange Sustainable Capital.
“We are seeking to expand the opportunity for sustainable mobility in cities, which provides great growth
in the bicycle industry, in addition to environmental and social issues in the modal. For this reason, it’s an
honor to have Blue like an Orange Sustainable Capital among our investors, and it makes perfect sense
for us as a company focused on financing sustainable projects”, commented Tomás Martins, Tembici’s
CEO and co-founder.

With this equity round, Tembici aims to increase its fleet (bikes and e-bikes), expand to new cities and
countries, invest in technology and data, and increase the last mile bike delivery business through
partnerships. The expected development outcome of this transaction supports several United Nations
Sustainable Development Goals, including but not limited to SDG 11 (make cities and human settlements
inclusive, safe, resilient, and sustainable), SDG 1 (end poverty in all its forms everywhere), and SDG 12
(ensure sustainable consumption and production patterns).