Berlin travel startup GoEuro has received fresh funding of US$150 million, described as “one of the largest-ever investment rounds in Germany”, doubling its total capital raised to date.
Kinnevik AB, a Swedish investment firm, and Temasek, an investment company headquartered in Singapore, led the new round with participation from Hillhouse Capital.
The last funding round for GoEuro, a booking platform for transport across Europe, was in October 2016 for US$70 million led by Silver Lake Kraftwerk and Kleiner Perkins Caufield & Byers. According to Crunchbase the company’s total funding stands at US$296 million to date.
GoEuro plans to use the new funds to accelerate product innovation and drive international expansion.
Cristina Stenbeck, main shareholder of Kinnevik and a member of the boards of Kinnevik and Spotify, will join GoEuro’s board of directors as part of the transaction.
Commenting on the deal Naren Shaam, CEO and founder of GoEuro, said: “The investment by these outstanding firms is a testament to our team’s hard work to build the leading booking platform for transport in Europe and a recognition of the tremendous growth opportunities we see ahead.
“Over the past five years, we’ve brought most European transportation onto our platform, creating a simple, consistent and familiar experience for our customers. We see extraordinary potential to transform travel booking by expanding our platform to the fragmented, mostly offline systems for managing transport globally. Through this investment, we will enhance our customers’ experience by adding new geographies and modes of transport, and more people to our fantastic team to join us on this exciting journey.”
GoEuro operates in 36 countries across Europe.
Launched five years ago as a metasearch engine, GoEuro is now operating as a multi- modal transport booking platform that allows customers to find and book trains, buses and flights across Europe. It partners with over 800 European transport operators, making direct sales on its platform for 80% of these providers.
The company offers ground and air travel options in 36 countries across Europe and full coverage in 15 of those markets. It has more than 27 million people monthly users, three quarters of whom use mobile devices to access the platform.
GoEuro recently completed its first acquisition – of European transport aggregator BusRadar based in Karlsruhe, Germany.
Director Cristina Stenbeck expressed her admiration for GoEuro’s drive to redefine travel booking for the future. “Kinnevik’s management and board share my excitement about the large addressable market that GoEuro has pursued since its inception, and the considerable runway for growth ahead.
“GoEuro has been a pioneering force in addressing, disrupting and improving end-to-end travel. We look forward to helping Naren and his team continue to build a world-class business.”
Added Lei Zhang, founder and chairman of Hillhouse Capital: “We are excited to support GoEuro to bring its best-in-class multi-modal transport booking platform to Asia and the rest of the world.”
• Featured image credit: Milos-Muller/iStock-Getty Images
