Montreal-based Busbud has raised $14 million in Series B funding.
The round was led by iNovia Capital and includes new investors Teralys Capital, Claridge, Plaza Ventures, and Real Ventures. iNovia, Claridge, and Teralys worked together as investors in high-end vacation rental platform Luxury Retreats, which exited to Airbnb in early 2017.
“Buses and luxury vacation rentals may seem worlds apart, but from an investment perspective, Busbud has a lot in common with Luxury Retreats,” said Chris Arsenault, co-founder and managing partner at iNovia. “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.”
Other new investors include former Expedia CEO Erik Blachford and former eDreams CTO Philippe Vimard. Joe Poulin, founder and CEO of Luxury Retreats, and Peter Kern, director of Expedia and managing partner of InterMedia Partners, were angel investors in Busbud. Magaly Charbonneau, principal at iNovia, will join Busbud’s board.
The funding will be used for further tech development, hiring, and geographic expansion.
“The support from a group of investors with such a phenomenal track record of success is fantastic validation for Busbud and a true testament to the innovation we’re bringing to an oft-overlooked mode of transportation as well as to bus travellers worldwide,” said Busbud co-founder and CEO LP Maurice. “With their commitment to our growth, we’re confident the next leg of our journey will be a successful one.”
Busbud’s online marketplace allows travelers to shop for and book intercity bus tickets. The company currently has over 1,300 bus companies in 16,000 cities across 75 countries, supporting transactions in 30 currencies.