BusUp, a corporate bus commuter management service, has closed a Series A round of $6 million.
The investment was led by Proeza Ventures, a mobility investment specialist in Latin America, with Autotech Ventures and Finaves V, the venture fund of IESE Business School, also involved.
BusUp, which has a presence in Europe and Latin America, plans to use the funds to expand operations in the U.S. “in response to growing interest in employer-provided commuter benefits and mobility services.”
The company’s technology enables corporates to create and manage commuter programs.
BusUp, whose customers include Accenture, Louis Vuitton, Nestle and Siemens, says it’s tapping into the changing workplace behaviors, driven by the pandemic, where a hybrid of in-office and remote working is likely to become a trend.
Rui Stofferl, CEO and co-founder at BusUp, says: “Trends show that the return to the office scenario will be dominated by hybrid or flexible work that will inevitably require flexible commuting solutions. During the pandemic, we have also seen many mobility companies that are just now pivoting towards the B2B segment or just tapping into shared corporate solutions.”
The company says its commuter sharing service also helps companies with their carbon footprint reduction goals.
Daniel Hoffer, managing director, Autotech Ventures, says: “The fundamental value proposition of not having to drive yourself to work is compelling. Ride sharing leads to clear and significant gains in terms of efficiency and flexibility for commuters, and visionary companies that offer this service to their employees benefit from increased productivity, and higher employee satisfaction and retention.
"For these reasons, we believe that BusUp’s shared solution will be a gamechanger for the US commuting market by providing a safe, accessible and sustainable solution for companies of all sizes."