Busbud Raises $11 Million for LATAM Expansion; Joins Forces with Chilean Intercity Bus Leader Recorrido

Accelerating growth across Latin America

Busbud continued on its impressive growth path even amidst the COVID-19 pandemic, with revenue growth in December 2021 at 280% year over year, driven by the launch of its multi-modal offering (travelers can now book train tickets from Amtrak in the US, VIA Rail in Canada, and operators such as Eurostar, Renfe and Trenitalia in Europe, as well as ridesharing and shuttle options), enhanced coverage on 2.3 million routes in 84 countries including 70,000 routes in Latin America, and investments in its customer experience including the launch of updated mobile apps. With a mix of local and international travelers accessing its global supply in 80+ countries, Busbud is well positioned to benefit from the further gradual recovery of the travel and transport sectors globally.

“Busbud is poised to accelerate the digitization of bus travel in the largest bus riding region in the world, Latin America. We look forward to working with LP and the team to build on the company's success in the Latin American region over the past five years in efficiently reaching travelers online and becoming their go-to app for bus tickets.”

Joining forces with Recorrido

As part of its further expansion into Latin America, Busbud has joined forces with Recorrido, a leading intercity bus marketplace based in Santiago, Chile. Recorrido was founded in 2013 by co-founders Tilmann Alexander Heydgen, Julian Valentin Deutschle, Lennart Sönke Ruff and Simon Josef Narli, four college friends from Germany who moved to Chile to tackle the opportunity of bringing innovation to the intercity bus industry in Chile. Recorrido transported 4 million passengers in 2021 for a total of $USD 60M of GMV and has developed a suite of digital tools for bus operators.

As part of the transaction, Recorrido shareholders, including local LATAM investors IGneous, Mountain Chile, Wayra Chile (the investment arm of Spanish telecom leader Telefónica), European funds Mountain Partners and Mercurius Private Equity, as well as all Recorrido co-founders, will become shareholders of Busbud. Julian Valentin Deutschle, Recorrido's CFO and co-founder, will also join Busbud's board of directors as an observer.

“We are thrilled to join forces with Busbud on our mission to scale our commercial activities across Latin America and reinvent long-distance bus travel to provide smart and affordable mobility for everyone. We believe there is a natural complementary fit between Busbud's global platform and vision and our local team, market knowledge and relationships. We have been commercial partners with Busbud since 2016, highly value our partnership with their team, and think this fusion will further unlock enormous value and innovation for our transport operators.”

“Busbud's leadership team has shown tremendous resilience and determination in the past year, continuing to execute on its vision of becoming the global bus travel aggregator and booking provider of choice for this massive and underserved market, working hand in hand with its trusted network of 4,000+ intercity mobility partners worldwide and re-confirming its leading position on the global stage.”

“With a focus on digitization and an impressive global expansion strategy, Busbud is poised for growth. EDC is pleased to support the company as it joins forces with Recorrido to expand its services to the LATAM region. We look forward to seeing the positive impact Busbud has on the transportation sector in LATAM and beyond.”

“We could not be more excited about the partnership with Recorrido. We were attracted on day one to their team of world-class founders, who similarly to Busbud founded their enterprise after a trip to South America. We were impressed by the great execution in the past few years on their local market strategy and building a strong and well-liked brand. We believe Busbud can add value through its suite of tools, supply and deep expertise, while gaining from their experience, market knowledge and local partnerships. There is much to learn from both sides. Latin America is a significant region for Busbud in terms of revenue, notably due to the leadership of our General Manager for LATAM Pedro Alfaro in the past six years, and we are thrilled today to deepen our commitment to the region.”