The bus start-up Buser, which operates an intercity bus transportation app in Brazil, raised US$ 138 million in a capital round on 10 June 2021.
Investors: The round announced by the company was led by LGT’s Lightrock Fund and also incorporated involvement from Softbank, Monashees, Valor Capital Group, Globo Ventures and Canary, all past investors in Buser, including Iporanga Ventures.
Purpose of the Funding: The travel app, serving nearly 4 million users, seeks to upgrade ground transport in Brazil, where some 300 million bus tickets were sold in 2019, as reported by Valor Capital, which was another participant in the round.
The fresh capital would help finance 1 billion Brazilian Real of investment over the next two years, including expansion into cargo shipping, urban transportation and a marketplace for traditional bus companies.
About Buser
Buser, founded in November 2016 by Marcelo Abritta and Marcelo Vasconcellos, is a collaborative charter platform where travellers can take advantage of journeying with low-cost bus trips. Buser intends to connect people who desire to travel to the same destination. Sustainable technology uplifts mobility in Brazil, inducing a new option for safe, quality, and fair transportation.
Even though the pandemic continues to manifest its wrath in Brazil, claiming more than 475,000 Brazilian lives, airlines and travel companies are preparing for recovery as vaccinations are presumed to expedite later this year.
What the Co-Founder has to say: “With this contribution, we aim to increase the number of passengers, trips and partnerships and gear up for tourism, which will come back. We will also focus on diversification, since it shows a huge potential to help Brazilians on several other fronts, such as urban passenger transportation, a sector that is even more sealed than the intercity segment”- Marcelo Abritta, Co-founder and Chief Executive of Buser.
What the Investors have to say: Lightrock, the lead investor of this round, is known for investing in businesses that seek to solve structural problems in society, always focusing on innovation for large-scale systemic change. As far as investment in Buser is concerned, Lightrock perceives a chance to effectively modernize the road transportation services in the country, challenging the current market concentration, which for many years was dominated by a few incumbents forsaking technological advancement. “Buser bolsters our Latin American portfolio in this sector, and we are looking forward to collaborating with Buser to reshape the future of transportation”- Pal Erik Sjatil, CEO and Global Managing Partner at Lightrock.
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