Pop-up bus service Bridj is raising a Series A round of $10 million to $15 million, according to a source close to the matter, who also told BostInno that the round is expected to value Bridj at a cool $60 million.
We're hearing that five or six firms are interested in taking part in the round, which would aim to accelerate the growth of the bus service.
"Thousands of Bostonians have taken rides since we launched in June and we're selling out many trips," Ryan Kelly, Bridj's marketing manager, told BostInno. "The app launch was also very successful."
Bridj is unable to release specific ridership information per its engagement rules.
"We're now servicing our entire coverage area without a consumer facing timetable or route structure," Bridj founder Matt George told BostInno. "For the past 100 years, mass transit has always been structured with user selectable routes and timetables, and this is a first, but significant step away from that."
Both George and Kelly declined to comment on the series A funding round.
Earlier this month, Bridj officially launched its mobile app along with evening bus service as part of its continued beta testing. The service allows users to take a specialized bus to and from Allston-Brighton and Kendall Square; Allston-Brighton and the Financial District/Seaport; Allston-Brighton and Back Bay; and the Financial District/Seaport and South Boston.
Bridj is also running a six-month pilot program with the City of Cambridge, which began in November.
The startup has previously raised $5 million—the first $1 million coming in back in August. In September, Bridj was able to finagle another $4 million led by Atlas Venture, NextView Ventures, Suffolk Equity and Freshtracks Capital. Angel investors Jill Preotle, Andy Ross and Peter Aldrich also participated in the round.
During this time, Bridj also brought on Gabe Klein, the former vice president of Zipcar, as its new chief operating officer.
Bridj works differently than traditional bus providers like the MBTA in that the company analyzes big data to devise routes that are more direct. For example, Bridj can determine where there's a high volume of commuters at a certain time and where many of them commute to. A bus then picks people up at the point of congregation and drops them at a designated location quickly and efficiently.
