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SoftBank Latin America Fund and Grupo Globo Invest in Buser

7 October 2019

Brazilian bus ticketing platform Buser raised an undisclosed round from SoftBank Latin America Fund and Grupo Globo, with follow-on from Valor Capital, monashees and Canary.

(Reuters) Japan’s SoftBank Group Corp (9984.T) is leading a new financing round for Buser, a Brazilian intercity bus charter marketplace, for an undisclosed amount, according to a statement on Monday.

SoftBank’s latest move underscored the Japanese conglomerate’s move to add mobility-related business to its portfolio.

Softbank has stakes in companies such as Uber Technologies Inc (UBER.N), General Motors Co’s (GM.N) Cruise self-driving car, China’s Didi Chuxing, Southeast Asia’s biggest ride-hailing firm Grab and Colombian delivery-app Rappi.

Besides SoftBank, Brazilian media conglomerate Grupo Globo and existing investors Canary, Valor Capital and Monashees joined this second funding round in Buser.

Buser’s co-founder Marcelo Abritta said in a statement that the start-up will invest around 300 million reais ($73.88 million) to expand the business, luring new partners and forging partnerships.

“We aim to reach 200 cities in 20 states over the next 12 months,” said Abritta. Buser intends to achieve 30,000 daily travelers from 3,000 people currently.

SoftBank launched a $5 billion Latin America fund in March and has invested in companies such as Rappi, housing broker QuintoAndar and lender Banco Inter SA (BIDI4.SA).