Circuit Raises $11M Series A to Expand EV Shuttle Business

NEW YORK, Sept. 7, 2022 /PRNewswire/ -- Circuit, an on-demand, electric shuttle service, closed an $11M Series A financing round, led by Tribeca Venture Partners. Investors included Citi Impact Fund, Impact Engine, Groundswell Ventures, Gaingels, the Los Angeles Cleantech Incubator (LACI) Impact Fund and Forefront Venture Partners.

Circuit generates revenue through service contracts with cities and private developments and via its advertising platform. The new capital will be used to grow Circuit's team, enhance its technology, and expand to more markets as demand for its services continues to quickly increase. 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 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. Circuit's services helped to avoid over 500 Metric Tons of GHG emissions in 2021, and is on pace to more than double that impact this year.

"James and I have been fortunate to grow the business with our amazing team and customers.  We've seen a huge uptick in demand and opportunities as cities and developers pay closer attention to congestion, emissions, and efficient mobility solutions.  We couldn't be more excited about the round and, more importantly, the great group of investors that we'll have on our side to help scale the business," Alex Esposito, Co-Founder of Circuit.

"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. " Circuit's solution is simply 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 is the future of mobility. In 2021, 52-percent 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. The services are subsidized via B2B and B2G service contracts, so they are always the least expensive way to get around town. In some cases, completely free. Drivers are W2 employees and usually local to the community. Circuit saves each city money, reduces emissions, creates jobs, and decreases transportation costs for residents and visitors.

The business, which started as a beach shuttle in the Hamptons, is now in 30 markets across eight states, and announced a partnership with Brightline Train Systems late last year, expanding services in West Palm Beach, Ft. Lauderdale, and Miami Florida. Additional recent launches include Wilton Manors, FL;  Plymouth, MA; Chula Vista, CA; Oceanside, CA and Huntington Beach, CA.

About Circuit: Founded by James Mirras and Alex Esposito in 2011, Circuit is an electric, micro-transit solution. Circuit uses fleets of cars that fulfill the first/last-mile gap that's experienced by municipalities around the world. The service is made possible by collaborating with municipalities, developers and advertising partners. Since starting the company as a pet-project in their hometown, the business is now operating in cities across NY, FL, CA, NJ, CO, MA, and TX, and has provided over 6M rides without burning an ounce of gas or traveling more than a few miles.  Learn more at www.ridecircuit.com

About Tribeca Venture Partners ("TVP"):  TVP is a NYC-based venture capital firm that partners with world class entrepreneurs primarily in the New York area leveraging emerging technologies and business models to create and disrupt huge markets. Notable prior 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.

SOURCE Circuit