Houston smart bus platform raises $26M to expand operations in Mexico and beyond

money moves

This Houston company has rolled out its expansion plans following a $20 million series A. Photo via ridekolors.com

A Houston-based company that's using tech and data to provide its intercity bus network has announced $26 million in funding.

Kolorshas announced the close of its $20 million series A financing round led by UP.Partners with participation from Maniv Mobility, Toyota Ventures, K5 Global, Mazapil — plus contribution from existing investors Tuesday Capital, Garret Camp's Expa, Chris Sacca's Lowercase, Moving Capital, MGV, Brainstorm Ventures, Bling Capital and Amplifica. The round, which brings the company's total investment raised to $26 million, will allow Kolors to grow in Mexico, expand into new Latin American markets, and enable cross-border US travel.

The company has created a "smart-bus-platform," which is defined as being a combination of airline and ridesharing style technology. The service includes attendants superpowered by technology, according to a news release.

"Kolors is redefining the experience of intercity travel. We are thrilled to see Kolors advancing in Mexico and bringing its phenomenal service to other parts of Latin America in the coming months this year," says Ally Warson, partner of UP.Partners. "Kolors is thinking about the next phase for intercity bus travel and intends to design an ecosystem that prioritizes the passenger while providing more profitable and climate-friendly outcomes for bus operators."

The company's business model doesn't include owning its own fleet of vehicles, instead partnering with small and medium-sized bus operators. These partners are only responsible for driving the bus — Kolors does everything else, including route optimization, virtual stops, scheduling, pricing, marketing, sales, customer service, and more.

"Kolors is disrupting a mode of transportation that's often overlooked but relied upon by billions of people worldwide," says Jim Adler, founding managing director of Toyota Ventures, in the release. "There's a huge opportunity to advance intercity bus travel with higher efficiency, cleaner energy , and superior passenger experience. Kolors is at the forefront of this transformation."

Service is at the forefront for Kolors, says Rodrigo Martínez, founder and CEO of the company. Passengers can expect on-board WiFi services and snacks and drinks — plus a completely redesigned in-cabin experience is in the works, per the release.

"As a third-generation bus operator, I know intercity bus travel is the lifeblood of LATAM," says Martínez in the release. "The opportunity to provide our passengers with an elevated bus platform will bring a better and affordable travel experience. Our buses run on data and our learnings have already enabled us to devise an effective strategy to address and reduce emissions across the global intercity transportation industry."

Efficiency is also on the roadmap for Kolors, which was founded by Martinez and Anca Gardea in 2020 amid the pandemic. According to the U.S. Department of Energy, 85 percent of transportation sector emissions are related to the surface transportation system, the release states. Kolors is working toward a fleet of electric vehicles.

"We have followed Kolors since the beginning, and considering they started at the height of the pandemic, the growth they've had is astounding. Transporting millions of passengers in such a short period of time speaks volumes about their tenacity and potential as a team and company, says Jake Wieseneck, principal at Maniv Mobility, in the release.

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Texas leaders position state to become next global hub for brain health

event recap

Brain Capital: The New Competitive Edge in a Shifting Economy, a two-day meeting held at the TMC3 Collaborative Building on May 21-22, brought together global business and policy leaders to advance brain health initiatives. The event concluded with the announcement of Texas-focused strategies that will be presented at the G7 Summit in Calgary this June, aiming to position the state as a leading hub for brain health research.

According to an analysis by the McKinsey Health Institute, investing in brain health interventions has the potential to generate a $260 billion boost to Texas’ GDP. Brain health conditions are responsible for more than $1 trillion in lost productivity globally, and the costs are expected to increase to nearly $16 trillion by 2030, according to organizers of the event.

The Texas Legislature recently passed legislation to establish the Dementia Prevention Research Institute of Texas (DPRIT), which includes a $3 billion investment over 10 years. Leaders at the Brain Capital event announced the launch of an advocacy campaign to foster support for DPRIT, which will appear as a November 2025 ballot measure.

“Our work to deliver better brain health to Texas and the world is only just beginning,” Dr. Jochen Reiser, president of The University of Texas Medical Branch (UTMB) and CEO of the UTMB Health System, said in a news release. “Investing in brain capital means protecting our cognitive health, boosting economic growth and securing a future-ready workforce – goals that we believe Texans will rally behind.”

Additionally, the Center for Houston’s Future also announced its goal to make the brain economy a key part of its new plan for the Houston region, called Vision 2050. The Center for Houston’s Future’s goal is to position Houston to become the global leader in the brain economy space, which will serve as a blueprint for other cities

“Houston has a clear track record leading the transition of industry sectors,” David Gow, CEO of the Center for Houston’s Future, said in a news release. “By launching a focused Brain Economy transition plan, Houston can integrate neuroscience, prevention, workforce resilience and cognitive innovation across sectors – preparing businesses and communities for an AI-driven future. Houston has the talent, infrastructure and vision to lead the nation in the next great economic transformation.”

Gow is the founder and chairman of Gow Media, InnovationMap's parent company.

Speakers at the event included executives from Shell Oil Co., scientists from Johns Hopkins Bloomberg School of Public Health, professors from Rice University, representatives from D.C.-based UsAgainstAlzheimer’s, and others. Learn more here.

Houston boasts No. 2 biggest population gain in U.S., Census data shows

Boomtown

Houston saw the second-highest population increase in the United States in 2024, according to the U.S. Census Bureau.

The new population report revealed Houston gained 43,217 residents from July 2023 to July 2024, bringing the city's population to 2,390,125.

Houston hung on to its ranking as the fourth largest city in the country and joined 11 other Southern cities that saw the largest numeric population gains in 2024, the report added.

Elsewhere in Texas, Fort Worth is now home to more than 1 million residents, surpassing Austin as the 11th largest city in the U.S. Fort Worth had the fifth-highest numeric increase in population, adding 23,442 residents during that same time frame to bring the city's total population to 1,008,106 residents.

Dallas retained its No. 9 spot on the list of the 15 most populous cities in the U.S. The city gained more than 23,000 residents during the one-year period, bringing its population to 1,326,087 people in 2024.


Austin slipped two spots and now ranks as the 13th largest city after adding more than 13,000 residents to bring the Texas Capital's population to 993,588.

San Antonio gained 23,945 residents — the fourth-highest increase nationwide — and was the only other city besides Houston to have a higher numerical growth rate than Fort Worth during the one-year period.

Fastest-growing U.S. cities
Princeton, a North Texas suburb of Dallas, topped the charts as the No. 1 fastest-growing U.S. city in 2024. The Census Bureau says the city's population has more than doubled in the last five years to more than 37,000 residents.

Fulshear, 34 miles from downtown Houston, has continued its rapid expansion as the second-fastest growing city. The suburb grew nearly 27 percent since the previous year, and its population rose to 54,629 residents as of July 2024.

Five additional Texas cities made the list of fastest-growing U.S. cities:

  • Celina, near Dallas (No. 4) with 18.2 percent growth (51,661 total population)
  • Anna, near Dallas (No. 5) with 14.6 percent growth (31,986 total population)
  • Fate, near Dallas (No. 8) with 11.4 percent growth (27,467 total population)
  • Melissa, near Dallas (No. 11) with 10 percent growth (26,194 total population)
  • Hutto, near Austin (No. 13) with 9.4 percent growth (42,661 total population)

The Austin suburb of Georgetown's growth has continued to slow down since 2023, and it no longer appears in the list of fastest-growing cities. However, it did surpass 100,000 residents in 2024. San Angelo, a small city in West Texas, also surpassed the 100,000-population threshold.

Most populous U.S. cities in 2024
New York City maintained its stronghold as the biggest in America in 2024, boasting a population of nearly 8.5 million residents. Los Angeles and Chicago also retained second and third place, with respective populations of nearly 3.88 million and more than 2.7 million residents.

"Cities in the Northeast that had experienced population declines in 2023 are now experiencing significant population growth, on average," said Crystal Delbé, a statistician in the Census Bureau’s Population Division. "In fact, cities of all sizes, in all regions, showed faster growth and larger gains than in 2023, except for small cities in the South, whose average population growth rate remained the same."

The 15 populous U.S. cities as of July 1, 2024 were:

  • No. 1 – New York, New York (8.48 million)
  • No. 2 – Los Angeles, California (3.88 million)
  • No. 3 – Chicago, Illinois (2.72 million)
  • No. 4 – Houston, Texas (2.39 million)
  • No. 5 – Phoenix, Arizona (1.67 million)
  • No. 6 – Philadelphia, Pennsylvania (1.57 million)
  • No. 7 – San Antonio, Texas (1.53 million)
  • No. 8 – San Diego, California (1.4 million)
  • No. 9 – Dallas, Texas (1.33 million)
  • No. 10 – Jacksonville, Florida (1 million)
  • No. 11 – Fort Worth, Texas (1 million)
  • No. 12 – San Jose, California (997,368)
  • No. 13 – Austin, Texas (993,588)
  • No. 14 – Charlotte, North Carolina (943,476)
  • No. 15 – Columbus, Ohio (933,263)
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A version of this article originally appeared on CultureMap.com.

Houston VC firm closes $21M fund for underrepresented founders

fresh funding

Houston-based South Loop Ventures recently closed its debut fund for more than $21 million, led by investments from Rice Management Company and Chevron Technology Ventures.

The funds will go toward teams with at least one underrepresented founder of color working in the energy, health, space, sports and fintech sectors. Additional investments came from The Great Commission Foundation of the Episcopal Diocese of Texas, Texas CapitalBank and others organizations.

According to South Loop Ventures, less than 3 percent of venture capital reaches underrepresented founders of color. Zach Ellis Jr., founder and general partner of South Loop, says the firm wants to address this "billion-dollar blind spot."

"Inequitable distribution of venture capital represents a clear market inefficiency—and market inefficiencies translate into exceptional opportunities," Ellis said in a release.

He added that the firm's location in Houston will help it make an impact.

"Being anchored here gives us front-row access to world-class corporations eager to engage and support innovation from founders with underrepresented voices and perspectives," he added in the release.

Ellis founded South Loop Ventures in 2022. It has funded 13 companies since August 2023 and plans to fund several more this year. Its portfolio includes Houston-based Milkify, a breast milk freeze-drying service; Lokum App, a Houston-founded platform for recruiting certified registered nurse anesthetists; and others.

Ellis' background spans the United States Military, academia, and roles at Rev1 Ventures and PepsiCo’s corporate venture team. He previously told InnovationMap that he was called to invest in founders of color after George Floyd's murder. He says he also realized how much money was being left on the table by overlooking these innovators.

"The mission of South Loop is to become the preeminent source of venture capital dollars for underrepresented, diverse teams nationally to serve as a beacon for the best underrepresented talent and to enable them to be successful through leveraging the unique resources and talent of Houston," he said on the Houston Innovators Podcast in 2024. "A big part of our mission is also to help catalyze Houston as an ecosystem for tech entrepreneurship."

Listen to the full interview with Ellis here. The recent funding news and Ellis were also featured in a profile by TechCrunch earlier this week. Click here to read more.

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