Busbud has a new warchest of $12 million to help with its expansion efforts in new markets around the world, following confirmation of a Series C investment round.
The Canada-based company has taken in the capital from lead investors, Canadian Business Growth Fund (CBGF) and Investissement Québec (IQ), with Export Development Canada (EDC), BDC Capital and Singapore-based K3 Ventures also participating.
Inovia, Plaza Ventures and Claridge, previous backers of the company, also supported the new round.
Busbud claims it has year over year growth over 110%, prior to the outbreak of the coronavirus, but says it is well-positioned to capture business from the rise in domestic travel ahead of a fuller recovery in the sector.
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The $12 million round follows a similar level round for its Series B in January 2018.
The company, which launched in 2011 and has its headquarters in Montreal, has brought in $30 million so far across four rounds.
It provides tickets for 2.3 million bus routes around the world and works with 3,900 bus companies in 16,000 cities.
CEO and co-founder, L. P. Maurice, says: "We continue full speed ahead on our quest to make sense of this huge and fragmented intercity bus travel market, which boasts more passengers than air travel, while being widely overlooked by the travel industry. We've built deep expertise integrating with bus back-end systems around the world.