Brazil’s intercity bus charter marketplace Buser has completed an undisclosed Series B funding round led by Japan’s SoftBank. Other investors who took part in the funding round include Latin American media firm, Grupo Globo and existing investors such as Canary, Valor Capital Group and Monashees.
According to reports, the startup will use the fund to attract new partnerships.
Buser’s co-founder Marcelo Abritta said that around $73.88 million will be used by the startup to expand its business by luring new partners and forging partnerships.
He was cited by the media as saying, “We aim to reach 200 cities in 20 states over the next 12 months.” He stressed that while Buser currently serves 3,000 travelers daily, it wants to increase the number to 30,000.
While other platforms such as ClickBus and Click Fretado already exist in Brazil, Buser targets those travellers who do not travel frequently but are occasional travellers. By using Buser’s platform, a traveller can save around 50 percent on their ticket when they travel between cities.
Buser is not the first startup in Brazil to receive funds from SoftBank. In September, SoftBank backed QuintoAndar in its $250 million Series D round alongside Dragoneer, General Atlantic and Kaszek Ventures.
SoftBank also invested around $110 million in Brazil’s in-home goods marketplace Madeira Madeira. This follows SoftBank’s announcement in March to launch a $5 billion Latin America Fund to invest in potential startups in the region.