Flix
Unicorn · $3B17 known investors
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FlixBus operates an intercity bus network offering online and app-based ticket booking, real-time journey tracking, and e-tickets across roughly 8,000 destinations in 40+ countries. In North America it integrates with Greyhound to serve routes in the United States, Canada, and Mexico, with on-board amenities such as WiFi and power outlets.
Also known as Flix · Flix SE · FlixBus · FLiXBUS · FlixMobility · FlixMobility GmbH
Founders & leadership
Investors · 17
How we know: Cherry Ventures's portfolio page · open dataset · 5k.vc investor directory · Not right? Tell us
How we know: open dataset · 5k.vc investor directory · Not right? Tell us
How we know: HV Capital's portfolio page · research · en.wikipedia.org · open dataset · 5k.vc investor directory · Not right? Tell us
How we know: Silver Lake Partners's portfolio page · Not right? Tell us
How we know: Utum [x]'s portfolio page · Not right? Tell us
How we know: UVC Partners's portfolio page · the VCSheet dataset · open dataset · 5k.vc investor directory · Not right? Tell us
How we know: research · en.wikipedia.org · Not right? Tell us
Also in the syndicate · 3
Valuation · disclosed
Disclosed eventsSource: SEC prospectus filings, and round valuations the company or its investors disclosed — follow each entry's link for the claim.
Company profile
researched Aug 2026Flix SE, known primarily through its FlixBus brand, is a German intercity transport company headquartered in Munich, Bavaria. It sells intercity coach travel in 45 countries across Europe, North America, South America, Asia and Oceania, with over 300,000 daily connections. Alongside FlixBus, the group owns FlixTrain, the Turkish operator Kâmil Koç and Greyhound Lines in North America. The company converted from a GmbH to an SE structure in April 2022, when it was renamed Flix SE.
By 2026 the network covered more than 8,700 destinations, served by 4,700 buses from over 1,000 bus partners plus 15 trains in Germany. Customers book through the company's website and mobile apps, which provide mobile tickets with QR-code boarding, seat reservation, real-time vehicle tracking with push notifications, and payment by card or Google Pay; FlixBus and Greyhound tickets can be booked in a single app and combined on one trip. Coaches are marketed with reclining seats, extra legroom, on-board restrooms, free WiFi and power outlets. In Mexico, where service began in May 2025, the network links cities including Mexico City, Monterrey, Querétaro, San Luis Potosí, León, Torreón, Nuevo Laredo and Tijuana.
Founding story
FlixBus was founded in 2011 in Munich by Daniel Krauss, Jochen Engert and André Schwämmlein, who had met at university. They began discussing the concept in 2009, while Schwämmlein was a consultant at Boston Consulting Group, after plans emerged to deregulate the German long-distance bus market. The first three routes launched in Bavaria in February 2013 as Germany opened its bus market to competition.
Business model
Flix operates an asset-light platform model: in many cases it does not run buses itself but handles network planning, scheduling, pricing, booking, marketing and customer service for regional bus partners in exchange for a commission, while in other cases it operates vehicles directly. By 2026 more than 1,000 bus partners supplied 4,700 buses to the network. In Australia, for example, services launched in November 2025 are operated by Deanes Coaches and the Donric Group.
Revenue comes from ticket sales for intercity bus and rail journeys sold online and via mobile apps, with commission-based arrangements covering services run by partner bus operators. Total revenue was about €1.54 billion in 2022 and €2 billion in 2023, with adjusted EBITDA of around €7 million and €104 million respectively (a 5.2% adjusted EBITDA margin in 2023).
Traction
About 60 million passengers travelled with Flix in 2022 (38 million in Europe, roughly 13 million in Turkey and about 8.8 million in the US, Canada and Mexico), and 81 million in 2023 across more than 5,600 destinations. Cumulative passengers passed almost 300 million by the end of 2022 and more than 500 million by 2026. Revenue grew from about €1.54 billion in 2022 to €2 billion in 2023. The Android FlixBus app has over 50 million downloads and a 4.8 rating from about 1.01 million reviews.
Latest developments
Services launched in Mexico in May 2025 and in Australia in November 2025, operating between Sydney, Canberra and Melbourne with Deanes Coaches and the Donric Group. In January 2026 the company acquired a majority stake in Flibco from SLG, which retained a minority holding. In July 2024 EQT AB and Kuehne + Nagel bought a 35% stake for €1 billion, with Porsche investing a low double-digit million euro amount. Benjamin Gubitz became Chief Financial Officer in January 2025.
▸Full profile — market position, technology, go-to-market, geography, history, risks & controversies
Market position
The group states it is the global market leader in each of its core geographies and previously held roughly 80% of the German long-distance bus market following the Postbus acquisition. In 2021 it identified goals of becoming market leader in the US, UK and Portugal and extending leading positions in Turkey, France and Eastern Europe.
The model combines a consumer-facing digital booking, ticketing and tracking platform with a partner network that supplies vehicles and drivers, allowing network expansion without owning most of the fleet, and links bus and rail services (FlixTrain) plus acquired brands such as Greyhound and Kâmil Koç into a single intermodal offering.
Technology
The company runs a digital booking and travel platform: web and mobile apps offer route search and price comparison, reserved seating and optional seat selection, offline-capable mobile tickets scanned by QR code at boarding, real-time vehicle tracking with push notifications, and payments via card or Google Pay. It has also pursued fleet electrification, operating what it describes as the first all-electric long-distance bus route between Paris La Défense and Amiens in April 2018 and launching an electric bus service in the UK in March 2024.
Go-to-market
Distribution is direct-to-consumer through flixbus.com, localised country sites and the FlixBus mobile apps, supported by 24/7 customer service and a self-service help portal for booking changes, trip tracking, refunds and lost items. Growth has come through market entries with local operating partners and through acquisitions of incumbent operators, with cross-brand booking allowing FlixBus and Greyhound trips to be purchased together in the US.
Price-sensitive intercity and long-distance travellers, including leisure, family-visit, student and business trips; more than 500 million passengers have used the services since launch.
Geography
Services span 45 countries across Europe, North America, South America, Asia and Oceania, including Germany, France, Italy, Turkey, Scandinavia and Central and Eastern Europe, plus the United States, Canada, Mexico, Brazil, Chile, Peru, India and Australia. Headquarters are in Munich, Germany. North America accounts for more than 1,600 destinations; the most travelled-to destinations in 2024 included Paris, Lisbon, Ankara, Munich, Porto, Berlin, Rome, Prague and New York.
History
After launching in Bavaria in 2013, the company consolidated the German market by acquiring MeinFernbus in January 2015 and Postbus from Deutsche Post in August 2016, after which it held roughly 80% of the German long-distance bus market. It also bought the ridesharing company LIINITA in November 2015, Megabus Europe from Stagecoach Group in July 2016, the Hellö network from Austrian Federal Railways in May 2017, Swebus Express from Nobina in May 2018, Eurolines operations in France, the Netherlands, Belgium, the Czech Republic and Spain plus Isilines from Transdev in April 2019, and Turkey's Kâmil Koç from Actera Group in August 2019. It entered North America in May 2018 from Los Angeles and the southwestern United States, reached the US East Coast in May 2019 through a partnership with Eastern Bus, and acquired Greyhound Lines from FirstGroup for $78 million in October 2021. Brazil followed in 2021, Canada in 2022, Chile in 2023, India in early 2024, Mexico in May 2025 and Australia in November 2025. In January 2026 it acquired a majority stake in airport bus operator Flibco from SLG.
Risks & controversies
User reviews of the mobile app cite technical faults, difficulty locating unlabelled bus stops, refunds issued as vouchers, limited customer service reachability and complaints about seat comfort and accessibility.
Compiled by commissioned research from 13 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Timeline · 39
launches, deals, and filingsFlixBus acquired a majority stake in Flibco from SLG, which retained a minority stake.
FlixBus began operating between Sydney Central station, the Jolimont Centre in Canberra and Southern Cross station in Melbourne, with services run by Deanes Coaches and the Donric Group.
FlixBus began operating in Australia between Central railway station in Sydney, the Jolimont Centre in Canberra and Southern Cross railway station in Melbourne, with services run by Deanes Coaches and the Donric Group.
Benjamin Gubitz, who joined Flix in 2015 and previously led Controlling and Investor Relations, took over as Chief Financial Officer.
EQT AB and Kuehne + Nagel acquired a 35% stake in the company for €1 billion; as part of the round Porsche invested a low double-digit million euro amount.
EQT AB and Kuehne + Nagel acquired a 35% stake in the company for €1 billion; as part of the round Porsche invested a 'low double-digit million' euro amount.
FlixBus launched its first electric bus with service between Newport and Bristol.
FlixBus launched its first electric bus with service between Newport and Bristol.
FlixBus launched in India in early 2024, connecting 46 cities via 59 stops and more than 200 connections.
FlixBus launched services in India in early 2024, connecting 46 cities through a network of 59 stops and more than 200 connections.
The acquisition extended the Flix network to over 1,600 destinations in the US and Canada.
$78M source ↗
FlixBus acquired Greyhound Lines from FirstGroup for $78 million, extending the network to over 1,600 destinations in the US and Canada.
$78M source ↗
FlixMobility announced over $650 million in new funding, a mix of equity and debt, valuing the business at $3 billion. The oversubscribed Series G included new investor Canyon Partners, existing investors General Atlantic, Permira, TCV, HV Capital, BlackRock, Baillie Gifford and SilverLake, and the founders. Proceeds were earmarked for network expansion in the US and Europe and for platform technology.
$650M source ↗
FlixBus entered Latin America with services in Brazil, expanding to more than 100 cities by 2024.
FlixBus began operating in Brazil, expanding to more than 100 cities by 2024.
FlixBus entered the Turkish market by acquiring Kâmil Koç, one of Turkey's largest intercity bus operators.
FlixBus entered Turkey by acquiring Kâmil Koç, one of the country's largest intercity bus operators, from private equity firm Actera Group.
The company raised €500 million in a Series F round led by TCV and Permira, valuing it at over €2 billion.
FlixBus acquired Eurolines operating businesses in France, the Netherlands, Belgium, the Czech Republic and Spain, and acquired Isilines from Transdev.
FlixBus acquired Eurolines operating businesses in France, the Netherlands, Belgium, the Czech Republic and Spain, and acquired Isilines from Transdev.
FlixBus began US operations from Los Angeles and the southwestern United States.
FlixBus operated all-electric vehicles on a long-distance route between Paris La Défense and Amiens.
After acquiring the German bus line operator Postbus, FlixBus controlled roughly 80% of the German long-distance bus market.
FlixBus acquired Megabus Europe; Stagecoach became an operating partner.
FlixBus acquired MeinFernbus, increasing its market share in Germany.
FlixBus began operations with three routes in Bavaria, Germany, as the German long-distance bus market opened to competition.
FlixBus launched its first three routes in Bavaria, Germany, following the opening of the German bus market to competition.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
Frequently asked questions
- What does Flix do?
- Flix is a Munich-based mobility company running the FlixBus, FlixTrain, Kâmil Koç and Greyhound intercity travel networks.
- Who founded Flix?
- Flix was founded by André Schwämmlein, Daniel Krauss.
- Who are Flix's investors?
- Flix's investors include Bright Success Capital, Cherry Ventures, Holtzbrinck Ventures, HV Capital, Silver Lake Partners, Utum [x], UVC Partners, Baillie Gifford and 6 more.













