Busbud, an online marketplace for intercity bus tickets has secured $11 million in series B funding.
The round is led by iNovia Capital with new investors Teralys, Claridge and Plaza Ventures, as well as previous investor Real Ventures, also participating.
According to a statement the funds will go towards technology development at the Canada-based company as well as, recruitment and expanding the service geographically.
The statement adds that Claridge, iNovia and Teralys, had previously backed vacation rental marketplace Luxury Retreats, which was acquired by Airbnb a year ago.
Chris Arsenault, iNovia co-founder and managing partner says:
“Passionate founders, a unique solution to a real-life travel problem, international scale, an enviable market position and fast growth - this is exactly what every VC and PE firm is looking for, and we’re elated to support Busbud as they scale.”
This latest round also includes investment from former Expedia CEO Erik Blachford and eDreams Odigeo former CTO/COO Philippe Vimard.
Blachford says:
“The global market for intercity bus travel is huge, with more passengers than air travel, yet it’s a market that has been widely overlooked by the travel industry.
“With over 1300 partner operators, Busbud is already essentially the biggest bus marketplace in the world, and with this critical mass and new capital, they’re poised to be the leading ticketing partner for bus operators and favourite booking experience for smart travellers.”
He now joins Busbud’s board of directors alongside Vimard and Magaly Charbonneau, principal at iNovia.
Related reading:
Transport startups continue to attract big money as Busbud raises $9 million
Image by Brunel Johnson