BusUp, a Spanish corporate bus commuter management solution in the E.U. and LatAm, closed its $6m Series A financing.
The round was led by Proeza Ventures, and supported by US transportation venture capital firm Autotech Ventures (investor in Lyft and Volta Charging), and IESE’s Business School venture fund Finaves V, among others.
The company intends to use the funds to accelerate commercialization of its flexible and shared corporate commuting services in the United States and consolidate other existing markets.
Led by Rui Stoffel, CEO, BusUp leverages technology to provide organizations of all sizes with a solution for creating and managing effective commuter programs, using shared route planning and optimized pickup points and schedules to match employee transportation needs.
More than 100 organizations worldwide (such as Accenture, Louis Vuitton, Siemens, Roche, Lilly, Cognizant, Nestlé and DXC Technologies) have used the company’s services. BusUp’s solutions can be also leveraged to incorporate strict sanitization procedures adapted to regional requirements and a central system for contact tracing.
Since its introduction to the market in 2016, BusUp has partnered with more than 150 mobility operators, and serviced more than 100 corporate customers and 500,000 passengers across two continents. Existing projects include:
- Providing Grupo Big (retailer that acquired Walmart’s Brazil operation) with demand-responsive and dedicated commute routes for their essential employees,
- Creating a shared shuttle program for Lagoas Park, one of the largest tech parks in Europe, utilized by IT companies such as Cognizant, Qualitest and Majorel,
- Expanding ridership for an employee shuttle program utilized by Louis Vuitton textile workers.