Montreal-based Busbud today announced the close of $11 million USD in series B funding.
Busbud is an online marketplace that enables global travelers to shop for and book intercity bus tickets on over 1.4 million bus routes worldwide.
The round is led by iNovia Capital and includes new investors Teralys, Claridge and Plaza Ventures, as well as Real Ventures. The capital will be used to fuel technology development, further grow the team and accelerate geographic expansion.
The trio of iNovia, Claridge and Teralys, who had previously teamed up to back Luxury Retreats, a high-end vacation rental marketplace that was acquired by Airbnb in February 2017 for a rumoured $300 million, are reuniting for Busbud’s B-Round.
Joe Poulin, founder and CEO of Luxury Retreats, and Peter Kern, director of Expedia and Managing Partner of InterMedia Partners, were also angel investors in Busbud.
“Buses and luxury vacation rentals may seem worlds apart, but from an investment perspective, Busbud has a lot in common with Luxury Retreats,” stated Chris Arsenault, Co-founder & 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.”