Montreal-based bus ticketing marketplace Busbud has raised $11 million in funding and acquired intercity bus marketplace Recorrido to expand its presence in Latin America.
WIND Ventures, the strategic venture arm of COPEC, co-led the round alongside Canadian Business Growth Fund, Export Development Canada and K3 Ventures, which all participated in Busbud’s $12 million Series C round in 2020.
Busbud, which launched in 2011, has raised a total of $44 million to date.
Despite the impact of the COVID-19 pandemic, Busbud saw revenue growth in December 2021 at 280% year-over-year, which it attributes to the launch of its multi-modal offering, enhanced coverage on 2.3 million routes in 84 countries including on 70,000 routes in Latin America and investments in its customer experience.
Founded in 2013 and based in Santiago, Chile, Recorrido transported four million passengers in 2021 for a total of $60 million of gross merchandise value and has developed a suite of digital tools for bus operators.
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As part of the transaction, Recorrido shareholders as well as its co-founders will become shareholders of Busbud. Recorrido co-founder and CEO Julian Valentin Deutsche will join Busbud’s board of directors as an observer.
“We are thrilled to join forces with Busbud on our mission to scale our commercial activities across Latin America and reinvent long-distance bus travel to provide smart and affordable mobility for everyone,” says Recorrido co-founder and chief development officer Tilmann Alexander Heydgen.
“We believe there is a natural complementary fit between Busbud’s global platform and vision and our local team, market knowledge and relationships. We have been commercial partners with Busbud since 2016, highly value our partnership with their team and think this fusion will further unlock enormous value and innovation for our transport operators”.