Montreal's Busbud Raises $9 Million Series A Round Led by OMERS Ventures

Posted by Techvibes NewsDesk

Montreal's Busbud announced this morning the closing of a $9 million Series A funding round, co-led by OMERS Ventures and Revolution Ventures.

iNovia Capital and Real Ventures, who co-led an initial $1.2 million seed roundin May 2013,  also participating in the round.

Self-described as the Kayak for bus travel, Busbud is the only platform that helps travelers search, compare and book bus trips online at a global level. Busbud leverages the ground networks of nearly 1,500 bus companies around the world, providing coach scheduling information and booking options for over 10,460 cities in 89 countries.

“It’s easy to find and book plane tickets on sites like Expedia or Kayak. Booking bus tickets online is a whole other story,” says LP Maurice, CEO and co-founder of Busbud.

RELATED: Startup Helps World Cup Fans get to their Next Match by Bus

“For example, a bus ticket from Rio de Janeiro to São Paulo during the World Cup can be as low as $29. That information used to be hard to find for international travelers. Now they can find it on Busbud.com and book their ticket directly, without taking that extra trip to the bus station.”

Maurice, a Harvard Business School graduate, had the idea for Busbud while backpacking across South America in early 2011. Later that year, Maurice, co-founded Busbud with two long-time friends: Microsoft veteran Mike Gradek, now CTO, and Chief Analytics Officer Frederic Thouin.

OMERS Ventures has previously led $100M+ investments in Shopify and Hootsuite, and is the venture capital investment arm of OMERS, one of Canada’s largest pension plans.

SEE ALSO: OMERS Ventures to More than Double Tech Investing

“Busbud is at the forefront of the transformation of the large and growing global bus travel industry into a modern marketplace,” says Kevin Kimsa, Managing Director at OMERS Ventures. “LP and his management team have built an industry-leading platform marrying supply and demand at a time when mobile services are simply expected."

Busbud has grown its team from five to more than 30 employees since early 2013.

Company:
iNovia Capital
Website:
http://www.inovia.vc
Location:
Montréal, Québec, Canada

iNovia partners with exceptional entrepreneurs to build successful companies in high-growth sectors. The team is comprised of entrepreneurs and sector experts focused on Mobile, Internet and Digital Media. iNovia has offices in Montreal, New York City and Calgary and invests across North America. iNovia has $275M under management across three seed and early-­stage funds. For more information, visit www.inovia.vc... more

Company:
Real Ventures
Website:
http://www.realventures.com
Location:
Montréal, Québec, Canada

We look for inspiring entrepreneurs who exhibit unique insight and appreciation of their target market and industry. You can be first time or seasoned. If you have passion, vision and a big opportunity we want to work with you. We’ve had our successes and failures, so we should know what you’re going through and so we look for entrepreneurs who want our input and are open to this collaborative approach. We look to... more

Company:
OMERS Ventures
Website:
http://www.omersventures.com
Location:
Toronto, Ontario, Canada

We're OMERS Ventures and we are as passionate about your success as you are about your company. We are looking for like-minded partners who have a shared vision of building a vibrant and successful Canadian knowledge economy. OMERS Ventures is the venture capital arm of OMERS, one of Canada's largest pension funds with over $53 billion in net assets. more

Company:
Busbud
Website:
http://www.busbud.com
Location:
Montréal, Québec, Canada

Busbud is your worldwide bus travel companion. The Busbud.com website is the most comprehensive source of for intercity bus travel information around the world, displaying bus schedules for 4000+ cities in 60+ countries available in 10 languages and 15 currencies. Busbud offers a search tool allowing travelers to discover and plan their next bus trip. The company is privately funded by angel investors and based in... more


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Techvibes NewsDesk

Techvibes NewsDesk

Techvibes is Canada's leading technology media property.Founded in 2002, Techvibes covers technology and business news that impacts Canadians. We combine breaking local news with international coverage to deliver a unique balance of insight and information. The Techvibes Newsdesk covers a broad beat and publishes general news stories. If you have a story you would like covered, email... more



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