Investment

SoftBank invests in Brazilian mobility platform Buser

LatAm List – Japanese tech giant SoftBank recently invested an undisclosed amount in Buser, a Brazilian charter sharing platform. Globo Group, Canary, Valor Capital, and Monashees also participated in this round. 

“This new investment will allow Buser to invest around $73M (R$300M) in the next 12 months, mainly in marketing and creating new alliances to expand our network of operating partners,” said Marcelo Abritta, cofounder and CEO of Buser.

The Brazilian startup received its last round in November 2018 and grew 1,500% during the first nine months of 2019.

The platform’s popularity among locals unleashed a series of claims for regulations presented by traditional bus drivers. However, Brazil’s Supreme Court has assured the legality of Buser’s activities in the country.

“Our objective is to reach 200 cities in 20 states in the next 12 months. We will create 100 direct jobs and more than 5000 indirect jobs. We will reach 30,000 daily users, which will save them around $122M (R$500M) a year by choosing us,” added Abritta.

Buser currently transports 3,000 people a day and grows more than 10% per week. Users can save up to 60% when compared to the cost of standard bus services.

“This is the beginning of a long partnership with Buser, which offers safe and high quality bus transportation at fair prices for everyone in Brazil,” said Paulo Passoni, Managing Investment Partner at SoftBank Group International. 

Read more on iProUp.

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