ATLANTA--(BUSINESS WIRE)--CharterUP, the first fully integrated charter bus marketplace for corporations, consumers and operators, announced today that it has raised $60 million in Series A led by Tritium Partners, an Austin, Texas-based investment firm that specializes in online marketplaces, logistics and software companies with exceptional growth potential.
Since its founding in 2018, CharterUP has experienced over 100% annual growth and recently surpassed an annual revenue run rate of $150 million in 2022. The company will leverage the Series A to aggressively invest in robust go-to-market strategies, expand its footprint in new and existing markets, and grow the company’s product and engineering teams.
“This is an exciting and humbling day for CharterUP,” said Armir Harris, founder and CEO of CharterUP. “Since launch, we have been committed to leveraging technology to disrupt the massive and highly fragmented $15 billion domestic charter bus industry. I’m proud that we’ve been able to attract the attention of an experienced investor like Tritium Partners who can help us navigate our exceptional growth and recognize our enormous potential and market fit.”
Two of Tritium’s managing partners, David Lack and Brett Shobe, have joined CharterUP’s board of directors. The duo, who bring a wealth of experience helping companies build value while creating unique and sustainable growth positions, were previously involved in investments at HomeAway (now Vrbo) and RVshare. Their expertise in digital travel marketplaces and logistics will complement CharterUP’s ability to innovate and deliver best-in-class technology and services to partners and customers.
“CharterUP’s unique and trusted position in this industry caught our attention,” said David Lack, co-founder and managing partner at Tritium Partners. “CharterUP has established itself as a valuable business partner to its operators and a compelling, one-stop marketplace for consumers, businesses and government partners seeking to secure charter bus capacity. We see enormous potential in CharterUP’s mission to transform the charter bus industry.”
CharterUP connects customers to over 500 operating partners nationally on its proprietary, fully integrated technology platform. Promoting simplicity, transparency and safety in the group booking experience, the company’s marketplace provides real-time data on all charter services, featuring on-demand quotes for custom itineraries, embedded payment capabilities, live trip tracking and more.
“CharterUP’s rapidly growing national network of clients already includes an impressive roster of Fortune 500 companies. They have a compelling track record, unique business model and company culture,” said Brett Shobe, managing partner at Tritium Partners. “We are excited to partner with Armir and his team to scale CharterUP’s services and solutions to support its exceptional growth.”
CharterUP is the first fully integrated marketplace for bus charters in the U.S. Built for corporations, individual users and operators, its platform removes the friction from reserving private group transportation by instantly connecting bookers to a virtual fleet of local bus operators. Its platform features a suite of capabilities that includes instant booking, real-time availability & tracking, and dynamic pricing, via self-serve technology. Combined with its growing virtual fleet of over 3,000 fully integrated charters, CharterUP delivers unmatched accessibility, accountability and transparency never seen before in the charter bus space. Founded by long-time charter bus entrepreneur Armir Harris in 2018, CharterUP is headquartered in Atlanta and works with operators in dozens of local markets throughout the country. For more information, visit charterup.com.
About Tritium Partners
Founded in 2013, Tritium Partners is a private equity firm focused on technology and services companies with exceptional growth potential. With >$1.2 billion of assets under management, Tritium actively partners with talented founders and executives to build market-leading companies through high-growth strategies, while maintaining capital efficiency. Tritium's approach emphasizes creating long-term value through both strategic growth initiatives and acquisitions, with specialized expertise in FinTech and financial services, Internet marketplaces, software data and analytics, supply chain and logistics, and tech-enabled business services. For more information, please visit tritiumpartners.com.