Ridepanda – a leading micromobility-as-a-benefit platform for public and private organizations in the U.S. – recently announced a funding round of $7.5 million in equity and debt to accelerate its goal of transforming the American commute. This funding round – which Blackhorn Ventures and Yamaha Motor Ventures led – also includes participation from existing institutional investors Proeza Ventures, Porsche Ventures, Oyster Ventures, Somersault Ventures, and General Catalyst, and new investor Urban Us Capital.
Launched by industry veterans Chinmay Malaviya (Lime) and Charlie Depman (Bird, Scoot), Ridepanda offers a turnkey employer platform for employees to subscribe to a broad selection of e-bikes, pedal bikes, and e-scooters. Enterprise and public sector partners such as Amazon, Google, Lawrence Berkeley National Laboratory, Goodwin Procter, and the County of San Mateo leverage Ridepanda to make tangible progress against the ESG goals and requirements. Plus, Ridepanda empowers employers to facilitate a safe, convenient, and sustainable return to the office, reduce reliance on single-occupancy vehicles, and improve overall employee wellness and retention.
Ridepanda operates Panda Hubs in Seattle, San Francisco, and New York, with plans to expand to more cities in the coming year. In each of these cities, employees can access direct support and servicing from Ridepanda, and have the ability to take test rides, receive deep dives on safety, and learn the specifics of their vehicle. And Ridepanda prides itself on using the highest industry standards and safety protocols to vet, curate, and maintain its vehicle marketplace, featuring well-established brands and manufacturers like Specialized, Giant, Diamondback, Dahon and more.
This funding round follows a $3.75M raise in 2021 and will be used to grow Ridepanda’s engineering, sales, and marketing teams to reach the ultimate goal of having 100,000 employees commuting to and from work, living a greener and more active lifestyle, with a Ridepanda vehicle by 2026.
KEY QUOTES:
“Passenger vehicles are the largest single contributor to greenhouse gas emissions in the U.S. and now commuter rates are returning to – and even exceeding – pre-pandemic levels. Studies show commuters want to use e-bikes, and that doing so would help organizations lower their scope 3 emissions, but accessibility remains an issue. Many in this space have struggled with diversifying their fleets, supply chain constraints, poor serviceability, and vandalism. Ridepanda is disrupting the industry model with an end-to-end solution that overcomes these challenges. This funding will allow us to bring our flexible, full-service offering to more cities and employers, innovating the employee benefit space while building healthier, more sustainable communities.”
– Chinmay Malaviya
“Ridepanda is primed to be the largest mobility platform combining employer engagement and ‘return to work’ with employees’ desire for flexible and sustainable commute options. We’re excited to help the team accelerate the shift to zero-emission vehicles.”
– Phil O’Connor, Managing Partner at Blackhorn Ventures
“The Bicycle commuter Act is back in congress to create $81/month pre-tax commuter benefit for biking. I’m excited for Ridepanda to use their technological and operational expertise to help employees seamlessly connect to these benefits.”
– Anish Patel, Partner and Managing Director at Yamaha Motor Ventures
