A sign that the next hot thing in search is in multi-modal – GoEuro, a multi-mode travel platform, has raised $27 million in Series A funding, led by New Enterprise Associates, a global venture capital firm with approximately US$13 billion in committed capital.
All three existing investors – Battery Ventures, Hasso Plattner Ventures and Lakestar – have also increased funding in the company.
GoEuro: One single search for air, rail and bus.
GoEuro is addressing the complex challenges of the multi-billion travel market by using technology to build a new platform that normalizes massive amounts of rail, bus and air data, resulting in a solution that presents users with all travel options clearly and concisely.
Travellers can plan routes from townsand villages and then compare and combine air, rail and bus in a single search.
The company currently operates in seven countries – Germany, UK, Spain, Italy, Belgium, Netherlands and Luxembourg and provides coverage to railway stations, bus stations and 207 airports. The new funding will enable the Go Euro to accelerate growth – with further key European markets to be opened later this year. Its goal is to be the largest multi-mode travel platform across Europe.
Naren Shaam, Founder and CEO of GoEuro, calling NEA “a top tier investor with long term thinking and deep roots in the technology sector”, said the new investment was a significant backing of the progress it’s made since launch just over a year ago.
Calling it a clear signal that NEA understands the market opportunity for the entire multi-modal travel industry worldwide, he said the company continues to see rapid increase in all key metrics in the business and “this funding will enable us to execute our growth strategy over the next few years”.
“By delivering a beautifully simple solution to a highly complex technology problem, GoEuro is rapidly gaining traction in a market that is ripe for transformation,” said Forest Baskett, General Partner at NEA. “Addressing the 200 billion Euro-plus European travel market is an enormous opportunity and NEA is thrilled to partner with GoEuro as the company extends its platform across Western Europe and to the international travel community.”
