++ FlixBus to expand US-offer, creating larger network than pre-pandemic
++ Investment to accelerate massive global network expansion in FlixBus and FlixTrain across Europe
++ New investor Canyon Partners joins the round, with participation from existing investors and FlixBus founders
Munich, June 2, 2021 – FlixMobility (the “Company”), the leading tech-mobility company for intermodal and sustainable transport, today announced more than $650M in new funding, based on a mix of equity and debt, valuing the business at $3B. The oversubscribed Series G funding round includes new investor Canyon Partners, a growth-oriented investment firm with a successful track record in the technology and infrastructure sectors, with participation from existing investors and FlixBus founders. Existing investors include General Atlantic, Permira, TCV, HV Capital, Blackrock, Baillie Gifford and SilverLake, among others.
This milestone signals a clear acceleration of the Company’s mission to provide affordable and sustainable transport solutions through its global, intermodal offer of bus and rail. This funding will fuel the network expansion strategy in new and existing geographies, as well as bolstering investments in technology to optimize the platform. With a proven business model, enhanced financial profile and supportive investors, FlixMobility is ready to scale.
André Schwämmlein, Founder and co-CEO, said: "62 million passengers traveled with us in 2019, and this new funding will help us build on our success. We are confident in our ability to offer green mobility to even more people in the future, through both an expanded network offering on rail and road in our existing markets, as well as in new countries and continents. We want to make green, affordable mobility accessible to as many people as possible. The United States in particular offers immense potential for this given heightened demand for sustainable travel, along with FlixMobility’s impressive track record of reducing emissions while providing best-in-class service to our customers. We see the U.S. as our largest market in the future and we will continue to expand our presence this year.”
Pierre Gourdain, Managing Director FlixBus USA: “FlixBus will establish a nationwide network and become market leader in the upcoming years. We already have a strong legacy in the U.S. market, as evidenced by our large intercity bus network across the country and the fact that we are the most used bus service in many large coastal regions. We will continue to invest in the U.S. market, create jobs, and deliver a superior travel experience for millions of passengers in the years ahead, as we expect to offer the largest network by 2023.”
The company's new valuation of more than $3 billion is significantly higher than the valuation of the last financing round in 2019, underlining the strong investor support for FlixMobility and the success of its unique business model. FlixMobility is particularly focused on further growth through expansion in new and existing markets as well as expanding its train business in Germany, Sweden and other European countries. The company has successfully navigated the pandemic through closely managed network adjustments and heavy investments in technology and automation.
"The recent financing is a strong sign for the future and for our vision to provide sustainable mobility with FlixBus and FlixTrain to people all over the world," said Jochen Engert, founder and co-CEO of FlixMobility. "With the closed financing, we are well positioned for future international growth and expansion plans with FlixTrain and FlixBus."
Fueling growth in existing markets and expanding into new regions
In addition to FlixTrain, investments will also flow into the targeted expansion of the global FlixBus network. FlixMobility's clear goal is to become a market leader in the U.S., the UK and Portugal, and to further expand its leading position in Turkey, France and Eastern Europe. The company is also planning to expand into new markets.
The fact that FlixMobility has managed the pandemic and emerged strong is evident by its expansion after the first wave in spring/summer 2020. Last year, the company was quick to adapt to the demand and ramped up its business rapidly.
Pierre Gourdain: “By July 4, our U.S.-network will be bigger than pre-pandemic. In some states, such as Florida, our offer is already significantly bigger than in 2019.”