- Companies
- FlixBus
FlixBus Revenue, Valuation, Funding & Investors
FlixBus is valued at $3B as of June 2021, a 1.7x revenue multiple. FlixBus revenue was $1.8B, as disclosed with its latest round.
Last FlixBus valuation
$3B
Series G · Jun 2021
Last FlixBus funding round
$650M
Series G · Jun 2021
FlixBus revenue
$1.8B
Series G · Jun 2021
Key investors in FlixBus
General Atlantic
HV Capital
BlackRock
Silver Lake
TCV
Baillie Gifford
About FlixBus
FlixBus is the intercity bus brand of Flix SE, a mobility company headquartered in Munich, Germany. It was founded in 2011 by André Schwämmlein, Jochen Engert and Daniel Krauss, who set it up as Germany prepared to deregulate long-distance coach travel. FlixBus runs an asset-light model: it sells tickets online and through its app and handles network planning, pricing, marketing and customer service, while regional partner companies operate most of the buses under the FlixBus brand. Flix also runs FlixTrain rail services and owns Greyhound Lines, bought in October 2021 for $78 million, which extended the network to more than 1,600 destinations in the US and Canada, as well as Turkish intercity operator Kâmil Koç, acquired in 2019. The group serves 45 countries and more than 8,700 destinations; in 2023 it carried 81 million passengers and generated €2 billion of revenue, and by 2026 it had carried more than 500 million passengers in total. The parent converted from a GmbH to Flix SE in April 2022. Investors have included General Atlantic, Permira and TCV, and in July 2024 EQT agreed to acquire a 35% stake for about €1 billion, alongside an investment by Kühne Holding.
Founded
2011
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Services
Revenue
$1.8B (Jun 2021)
Valuation
$3B (Jun 2021)
FlixBus Valuation
FlixBus is currently valued at $3B, based on its Series G in June 2021. Read the announcement ↗
The $650M round was led by Canyon Partners, with participation from Baillie Gifford, Silver Lake, Permira, TCV, General Atlantic and 2 other investors.
FlixBus' valuation has grown 1.4x from $2.2B at its Series F in July 2019 to $3B in June 2021, across 2 priced rounds.
FlixBus valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jun 2021 | Series G | $3B | 1.7x |
| Jul 2019 | Series F | $2.2B | - |
FlixBus Revenue
FlixBus' latest recorded revenue is $1.8B, as of its Series G in June 2021. At a $3B valuation, that implies a 1.7x revenue multiple.
FlixBus revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jun 2021 | $1.8B | $3B | 1.7x | Series G |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
FlixBus Funding History
FlixBus has raised a total of $1.2B across 4 funding rounds.
FlixBus' first fundraising round was a undisclosed-stage round in January 2015. The most recent completed round was a $650M Series G in June 2021.
FlixBus funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2021 | Series G | Canyon Partners (lead); Baillie Gifford; Silver Lake; Permira; TCV; General Atlantic; BlackRock; HV Capital | $650M | $3B | FlixBus, the Munich-based intermodal mobility company operating under FlixMobility GmbH, closed its Series G financing round on 2 June 2021, raising more than $650 million. The structured round combined equity and debt and introduced US investor Canyon Partners, alongside existing investors General Atlantic, Permira, TCV, HV Capital, BlackRock, Baillie Gifford and Silver Lake, together with the founders. The round valued the company at more than $3 billion, well above the valuation of its 2019 financing. The proceeds were earmarked for global expansion, including growth in the US, Portugal and the UK, a stronger position in France, Turkey and Eastern Europe, and the build-out of the FlixTrain rail offer in Europe. FlixBus runs a network of intercity coach services under an asset-light model, with partner bus operators running the routes while the company handles planning, pricing, marketing and technology. It operates in dozens of countries and had been hit hard by pandemic travel restrictions before the raise. |
| Jul 2019 | Series F | TCV (lead); Baillie Gifford; Permira; Luxor Capital Group; UVC Partners; BlackRock; Odyssey 44; H14; European Investment Bank; Hedosophia; HV Capital | $554M | $2.2B | FlixMobility, parent of FlixBus and FlixTrain, completed a Series F funding round on July 18, 2019, co-led by TCV and Permira, with participation from investors including HV Capital and others. The equity was allocated for global expansion including U.S. market leadership for FlixBus, entries into South America and Asia, FlixTrain growth in EU post-rail liberalization, and launch of ride-sharing FlixCar. The company focuses on intermodal sustainable transport via bus and rail networks, leveraging technology for affordable green mobility across Europe, U.S., and beyond. Multiple 2021 sources reference the 2019 round in context of a subsequent $650M Series G at over $3B valuation, noting it as 'significantly higher' than 2019, with 2021 investors overlapping like TCV, Permira, HV Capital, BlackRock, Baillie Gifford but adding Canyon Partners and General Atlantic. FlixMobility carried 62 million passengers in 2019. |
| Dec 2016 | Undisclosed stage | Silver Lake (lead); Mercedes-Benz; General Atlantic; HV Capital | - | - | Silver Lake made a strategic investment in FlixBus, the Munich-based intercity bus operator, in a round announced on 16 December 2016. Existing investors General Atlantic, Holtzbrinck Ventures (now HV Capital) and Daimler also participated, and the amount and valuation were not disclosed. Silver Lake managing director Simon Patterson said there was a large opportunity to develop the offering and expand into new countries, and that Silver Lake was positioned to provide further capital for acquisitions. General Atlantic, which had backed the founders on their earlier growth, said it would continue its partnership alongside the new investor. FlixBus was launched in 2013 and had carried more than 60 million passengers by the time of the investment, offering 100,000 daily connections to 1,000 destinations in 20 European countries. The company works with more than 250 independent bus partners that operate the coaches, while FlixBus handles network and capacity planning, quality management, sales, marketing and its booking technology. Its e-commerce platform supports paperless travel, mobile booking and delay management, data-driven network development and airline-style dynamic pricing. At the time it operated a comprehensive network in Germany, France, Italy, Austria and the Netherlands, with cross-border services to Scandinavia, Spain and the UK, and co-founder Jochen Engert said the partnership would help expansion into new markets. The company later rebranded as Flix and expanded into rail and North America. |
| Jan 2015 | Undisclosed stage | General Atlantic | - | - | General Atlantic invested in the combined company created when FlixBus and MeinFernbus, Germany's two largest intercity bus start-ups, merged in January 2015. Existing FlixBus shareholders Holtzbrinck Ventures and UnternehmerTUM also provided financial backing. General Atlantic's German head Jorn Nikolay said the firm was supporting a merger between two leading players and strengthening the combined company's equity base. The firm said bus travel is a dynamic industry with enormous growth potential in Europe. MeinFernbus had 320 buses on 88 routes and FlixBus 240 buses on 90 routes, and together they planned a pan-European network. About 160 medium-sized bus partners run day-to-day routes and fleets. Milbank advised General Atlantic. |
Who has invested in FlixBus?
15 investors have backed FlixBus across its funding rounds, including General Atlantic, HV Capital, BlackRock, Silver Lake, TCV and Baillie Gifford.
Lead investors include Canyon Partners, TCV and Silver Lake.
FlixBus Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Participant | Jan 2015 | ||
| 3 | Participant | Dec 2016 | ||
| 2 | Participant | Jul 2019 | ||
| 2 | Lead | Dec 2016 | ||
| 2 | Participant | Jul 2019 | ||
| 2 | Lead | Jul 2019 | ||
| 2 | Participant | Jul 2019 | ||
| 1 | Lead | Jun 2021 | ||
| 1 | Participant | Dec 2016 | ||
| 1 | Participant | Jul 2019 | ||
| 1 | Participant | Jul 2019 | ||
| 1 | Participant | Jul 2019 | ||
| 1 | Participant | Jul 2019 | ||
This data is available for Pro users. Sign up to see all 15 FlixBus investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by FlixBus
FlixBus has acquired 8 companies to date.
Last acquisition by FlixBus was on January 13th 2026. FlixBus acquired flibco.com for undisclosed valuation.
Latest Acquisitions by FlixBus
| Description | Flibco.com offers personalized shuttle transportation services connecting airports to major cities across Europe with comfortable, direct routes. | Greyhound Lines is a Dallas-headquartered intercity bus operator serving the United States and Canada. Runs scheduled services connecting over 1,300 destinations via 13,000 daily miles on routes from New York to Los Angeles. Founded in 1914, integrates with partners like FlixBus for expanded coverage in major cities. | Kamil Koc is a Turkish transportation company operating local road passenger services with a fleet exceeding 1000 vehicles. The firm manages intercity bus routes connecting major cities across Turkey, facilitating reliable public mobility. | Eurolines S.A. is a Brussels-headquartered operator of an international coach network connecting 600 destinations across 30 European countries. The company provides long-distance bus services between major cities, offering affordable travel with amenities like Wi-Fi and reclining seats. Eurolines partners with national operators for seamless routes from London to Istanbul, handling millions of passengers annually. | |
| HQ Country | |||||
| HQ City | - | Dallas, TX | Bursa | France, IN | |
| Deal Date | 13 Jan 2026 | 21 Oct 2021 | 21 Aug 2019 | 4 Mar 2019 | |
| Valuation | undisclosed | $46M | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all FlixBus acquisitions and their M&A valuation multiples. Start Free Trial | |||||
Investments by FlixBus
FlixBus has invested in 1 company to date.
Latest investment by FlixBus was on June 26th 2023. FlixBus invested in Colonia in their $7M Seed round.
Latest Investments by FlixBus
| Description | Colonia is a digital platform enabling peer-to-peer sharing and rental of commercial vehicles across Europe. Users access trucks, trailers, tractors, tarpaulin trailers, box trailers, refrigerated trailers, and electric vehicles through its marketplace. Headquartered in Berlin, Germany, the company serves logistics firms and independent operators by facilitating short-term rentals and optimizing fleet utilization in the heavy goods transport sector. |
| HQ Country | |
| HQ City | Cologne |
| Deal Date | 26 Jun 2023 |
| Round | Seed |
| Raised | $7M |
| Investors | Octopus Ventures; Plug and Play; Atlantic; Hoyer; vent.io; Grover; MobilityFund |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all FlixBus investments and their VC round multiples. Start Free Trial | |
FlixBus Competitors
FlixBus competitors include listed companies like Tongcheng Travel and ArcBest, and private ones like Didi Freight, LY.com, Traveloka and Uber Freight.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $3B | - | ||
| Private | - | - | $3B | - | ||
| Publicly listed | $2.9B | $665M | $3.1B | 0.6x | ||
| Publicly listed | $4B | $261M | $2.9B | 0.7x | ||
| Private | $814M | - | $2.8B | 3.4x | ||
| Private | $2.1B | - | $3.3B | 15.6x |
FlixBus Public Comps
FlixBus is still privately-owned, but its public comps include Tongcheng Travel, ArcBest, Seino Holdings, HBX Group, Yamato Holdings, Mullen Group, TBO.com, Werner Enterprises, MakeMyTrip and Shanghai Foreign Services.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2.9B | $665M | 0.6x | 0.6x | 2.7x | 2.3x | |||
| $4B | $261M | 0.8x | 0.7x | 11.9x | 8.5x | |||
| $5.2B | $454M | 0.6x | 0.6x | 6.4x | 6.6x | |||
| $870M | $211M | 3.2x | 3.5x | 13.3x | 6.1x | |||
| $12B | $634M | 0.3x | 0.3x | 6.1x | 6.8x | |||
| $1.5B | $230M | 1.7x | 1.5x | 11.2x | 9.3x | |||
| $265M | $41M | 6.2x | 4.7x | 40.2x | 30.2x | |||
| $3B | $299M | 0.9x | 0.7x | 8.8x | 6.9x | |||
This data is available for Pro users. Sign up to see all FlixBus competitors and their valuation data. Start Free Trial | ||||||||
Common questions about FlixBus
| When was FlixBus founded? | FlixBus was founded in 2011. |
| Where is FlixBus headquartered? | FlixBus is headquartered in Munich, Germany. |
| Is FlixBus publicly listed? | No, FlixBus is a private, VC-backed company. |
| What is FlixBus' valuation? | FlixBus was last valued at $3B in its Series G in June 2021. |
| How much funding has FlixBus raised? | FlixBus has raised $1.2B across 4 funding rounds. |
| What was FlixBus' last funding round? | FlixBus' last funding round was a $650M Series G in June 2021, led by Canyon Partners. |
| Who are FlixBus' investors? | FlixBus' investors include General Atlantic, HV Capital, Baillie Gifford, Silver Lake, Permira, TCV, BlackRock, Canyon Partners, Mercedes-Benz, Luxor Capital Group and 5 others. |
| What is FlixBus' revenue? | FlixBus' latest recorded revenue is $1.8B (June 2021). |
| What is FlixBus' revenue multiple? | FlixBus' latest valuation implies a 1.7x revenue multiple ($3B valuation on $1.8B of revenue). |
| Which companies are comparable to FlixBus? | Companies comparable to FlixBus include Didi Freight, LY.com, Tongcheng Travel, ArcBest, Traveloka and Uber Freight. |
| How many companies has FlixBus acquired? | FlixBus has acquired 8 companies, including flibco.com, Greyhound Lines, Kamil Koc, Eurolines S.A and Postbus. |
| What was the largest acquisition by FlixBus? | The $46M acquisition of Greyhound Lines in October 2021 is the largest acquisition FlixBus has made to date. |
| How many companies has FlixBus invested in? | FlixBus has invested in 1 company, including Colonia. |
| What was FlixBus' last investment? | In June 2023, FlixBus invested in Colonia's $7M seed round alongside Octopus Ventures, Plug and Play, Atlantic and 4 other investors. |
See companies similar to FlixBus
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




