The Daimler-backed bus and train service hiked its valuation to $3bn in a series G debt and equity round that will fund the expansion of its routes.

FlixMobility, the Germany-headquartered public transport provider that counts automotive manufacturer Daimler as an investor, raised over $650m in debt and series G equity financing yesterday at a $3bn valuation.

Investment firm Canyon Partners joined existing investors including General Atlantic, Permira, TCV, HV Capital, Blackrock, Baillie Gifford and Silver Lake in the round.

Founded in 2013, FlixMobility runs an inter-city bus service called FlixBus which spans most of Europe and parts of the United States, and which promises efficient onboard wifi and an easy-to-use online ticketing system.

The capital will support growth in FlixBus’s existing markets as well as the expansion of the company’s FlixTrain service in Germany and Sweden.

André Schwämmlein, FlixMobility’s founder and co-CEO, said: “62 million passengers travelled 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. We are confident the UK will become one of our most important markets in Europe, starting with a massive expansion on domestic routes this year.”

TCV, Permira, HV Holtzbrinck Ventures and European Investment Bank provided a reported $561m in series F funding for the company in July 2019 before Baillie Gifford, Odyssey 44, Luxor Capital and certain funds managed by BlackRock added an undisclosed sum the following month.

Daimler had joined fellow existing investors General Atlantic and HV Holtzbrinck Ventures as well as Silver Lake to supply an undisclosed amount for FlixMobility in 2016. Its investors also include UnternehmerTUM.

Photo courtesy of FlixMobility GmbH.