Montreal-based Bus.com, an online platform for bus rentals, has raised a $19.6 million CAD round of funding, co-led by Silicon Valley-based Autotech Ventures and Cycle Capital Management.
“With this influx of strategic capital, we look forward to expanding and bringing more talent onboard.”
This investment also saw participation from existing investors Jackson Square Ventures, BMW iVentures, Real Ventures, Y Combinator, and BDC Capital. Originally called My Charter Bus, then Sharethebus, Bus.com said it will use this new funding to onboard new talent to build out its team.
“Bus.com’s business model is unique because it’s tapping into a real consumer need, allowing their bus operator partners to access new revenue streams, and providing environmental benefits by facilitating mass transportation,” said Andrée-Lise Méthot, founder and managing partner of Cycle Capital, which typically invests in cleantech and is one of the three distributors of the federal government’s Venture Capital Catalyst Initiative (VCCI) Clean Technology Stream.
Bus.com has built a booking platform for charter buses, giving customers an Uber-like solution to finding reliable transportation. Founded in 2015, the company has joined forces with various events to provide charter buses, such as Coachella, Electric Forest, and Spartan Race. The company initially started with a strong focus on music festivals, but companies looking for transportation to retreats and postsecondary institutions in North America become a growing part of its market.
“Bus.com is deploying technology and leveraging best practices in marketplace development to modernize an industry that has not evolved significantly in recent years,” said Daniel Hoffer, Managing Director at Autotech Ventures. “Significant potential exists to streamline processes within the industry, deliver superior end-user experiences, and expand into adjacent markets.”
The company was a member of the second cohort of the Lazaridis Institute’s ScaleUp Program, alongside 7shifts, Vendasta, and Spring Loaded Technology. The company raised a $6.5 million Series A round in April 2017. It has also been a Startupfest $100,000 investment prize winner and raised a $750,000 Seed round from Maple Leaf Angels’ MLA48 in 2015.
“Building a world-class product takes a lot of effort and expertise. We’re pleased to partner with leading investors who have strong operating backgrounds, which enables us to continue to strengthen and build our team,“ said Bus.com co-founder and CEO Kyle Boulay. “With this influx of strategic capital, we look forward to expanding and bringing more talent on board.”
Image courtesy Bus.com via LinkedIn