Brooklyn-based Motivate set to announce investment aimed at long-term growth, sustainability
Citi Bike Parent Company Focuses on Long-Term Growth, Sustainability After Commitment from Al Gore’s Investment Firm
According to information obtained by the Brooklyn Eagle, Motivate’s President and CEO Jay Walder will announce Generation Investment Management, a firm launched by former Vice President Al Gore, has invested in Motivate, the bike sharing company that operates Citi Bike and other bike sharing systems. This investment, to be announced in a forthcoming release, helped facilitate a merger with Montreal-based technology company 8D — a company that develops management and payment solutions for bike share systems, among other point of sale technologies.
The company announcement comes on the heels of multi-year growth in membership and individual rides for Citi Bike, as well as a highly visible physical expansion of docking stations in Brooklyn, Manhattan and Jersey City, NJ. The Brooklyn-based parent company of Citi Bike is also in the process of moving from their current Sunset Park facility to Industry City, a rapidly growing industrial complex undergoing their own expansion.