Recorrido successfully raises Series B round
Recorrido, a Mountain Partners portfolio company, raised a new financing round with Mountain Nazca participating as co-investor. Recorrido will use the funds raised for further growth in Chile and expansion into new markets.
“We are very happy with closing this financing round, as it allows us to strengthen our growth in Chile, to continue the development of our product and to think about international expansion. We are excited about having found a key partner for our expansion into new markets in Latin America” says Julian Valentin Deutschle, co-founder and CFO of recorrido.
In Chile, 70 million bus tickets are sold every year, however, only 10% are sold via an online platform. Recorrido aims to increase this number to 50% in the next three years. Deutschle continues to explain: “We saw in Germany, for example, that with the internet and online purchasing solutions for bus tickets, the purchasing behavior of people changed rapidly. The convenience and speed of online purchasing are strong arguments and it thus makes sense for the people to prefer purchasing via smartphone or PC.”
Felipe Henríquez, managing partner of Mountain Nazca Chile, notes that the team of recorrido has achieved to create a leading product in Chile and is preparing to capture the region. “We are confident that the team has the implementation capacity and the experience to revolutionize the market and transform the bus industry, similar to what other companies did with flight tickets in the past”.
Recorrido was founded in 2014 by a group of entrepreneurs from Germany, who first discovered the market potential of the segment during their backpacking tour through Chile in 2013 when they faced difficulties in buying their bus tickets through the internet.
In 2015, one year after its foundation, the company already counted one million unique users. With six million users and more than 250’000 tickets sold until October 2016, recorrido established itself as the primary online solution for buying bus tickets in Chile and Argentina.