Yellow, a São Paulo, Brazil-based provider of urban mobility solutions, raised $9m in seed funding.
The round was led by Monashees and Grishin Robotics.
The company will use the funds to grow its team, refine the mobile app experience and introduce its first 20,000 bicycles to the market.
Founded by Ariel Lambrecht and Renato Freitas, co-founders of 99, Yellow is building a dockless bike-sharing service with plans to initially deploy 100,000 bikes in São Paulo before expanding throughout the rest of Brazil.
The service is dockless, with bikes being released through a mobile app. The company is also working on e-scooters and e-bikes, which will soon complement its individual mobility platform.