Charter Bus Booking Platform CharterUp Raises $60M

Corporate charted bus marketplace CharterUp has raised $60 million in funding, which it said it will use to grow its footprint and bulk up its product and engineering teams.

CharterUp currently reports more than 500 charter service operating partners connected to its booking platform, which also can provide real-time data on charter services, on-demand quotes for customer itineraries, trip tracking and embedded payment capabilities. The company claims 100 percent annual growth since its 2018 founding and surpassed $150 million in an annual revenue run rate this year.

Austin, Texas-based investment firm Tritium Partners led the Series A fundraising round, and two of its managing partners, David Lack and Brett Shobe, now are on CharterUp’s board of directors. Lack and Shobe previously were involved in investments in vacation rental marketplace HomeAway, which was merged with Vrbo after its acquisition by Expedia Group, and recreational vehicle rental platform RVshare.

Lack in a statement said CharterUp has built “a compelling, one-stop marketplace for consumers, businesses and government partners seeking to secure charter bus capacity” and has “enormous potential in [its] mission to transform the charter bus industry.”

Michael B. Baker www.businesstravelnews.com