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German online travel startup GetYourGuide has raised $194 million in a mix of equity and debt financing from investors including UniCredit, Blue Pool Capital, KKR, BNP Paribas, Citibank, and KfW. Backed by SoftBank, this latest round of funding has boosted the company’s valuation to nearly $2 billion. GetYourGuide plans to use the funding to accelerate its expansion in the United States and to invest more heavily in AI and other product development.
Section 1: Introduction
GetYourGuide has recently raised $194 million in a fresh round of funding to fuel its expansion in the US and invest in large language models (LLMs) and other AI tools. The German online travel startup offers its users experiences and things to do in unexplored places and has seen a surge in demand for its platform since the end of COVID-19 restrictions. GetYourGuide takes a commission on each booking done through its platform.
Section 2: Funding Details
The funding for this round has been raised through equity and debt with Blue Pool Capital leading the $85 million equity investment. The investment values the company at nearly $2 billion, up from GetYourGuide’s last publicly-disclosed valuation of $1.4 billion, according to a person familiar with the matter. Existing investors KKR and Temasek also invested again in this round. The debt portion of the deal was led by UniCredit and backed by BNP Paribas, Citibank, and KfW. The total investment in GetYourGuide, including both equity and debt, is now over $1 billion.
Section 3: Company Profile
GetYourGuide’s product differs from those offered by some other major players in the online travel space. The company sells its users experiences and things to do in unexplored places rather than advertising hotels, flights and other forms of transportation. It offers these experiences through third-party suppliers on its platform, taking a commission on each booking.
Section 4: Business During the Pandemic
GetYourGuide’s CEO and co-founder, Johannes Reck, revealed the company’s revenues were severely depressed during the early days of the pandemic, making no revenue for multiple consecutive quarters. The travel industry was one of the hardest hit during the pandemic, with experiences shutting down, and people not going out. To offset the decline in physical experiences, GetYourGuide started offering virtual tours and other experiences, and more recently, its own exclusive branded experiences called Originals.
Section 5: Future Plans
GetYourGuide plans to use the fresh funds to expand its operations in the US, which has been a huge source of growth for the company over the past year. The company also intends to invest more heavily in AI and other product development, with the use of large language models or LLMs being a key focus.
Section 6: Conclusion
GetYourGuide’s funding round highlights a continuation in the growth of the online travel space, with renewed demand for travel services following the ending of COVID-19 restrictions. The funding will help the company continue its expansion into the US and invest in AI and other product development, which should help the company continue to grow its revenues.
FAQ:
1. What is GetYourGuide?
GetYourGuide is a German online travel startup that sells its users experiences and things to do in unexplored places, rather than advertising hotels, flights and other forms of transportation. They offer these experiences through third-party suppliers on their platform, taking a commission on each booking.
2. Who invested in GetYourGuide’s most recent funding round?
GetYourGuide raised $194 million in a mix of equity and debt financing from investors including UniCredit, Blue Pool Capital, KKR, BNP Paribas, Citibank, and KfW.
3. What will GetYourGuide use the fresh funds for?
GetYourGuide plans to use the funding to expand its operations in the US and invest more heavily in AI and other product development, with the use of large language models or LLMs being a key focus.
4. How did COVID-19 affect GetYourGuide’s business?
During the early days of the pandemic, GetYourGuide’s revenues were severely depressed, making no revenue for multiple consecutive quarters. To offset the decline in physical experiences, GetYourGuide started offering virtual tours and other experiences, and more recently, its own exclusive branded experiences called Originals.
5. How does GetYourGuide’s product differ from other players in the online travel space?
GetYourGuide sells its users experiences and things to do in unexplored places, rather than advertising hotels, flights and other forms of transportation, and offers these experiences through third-party suppliers on its platform, taking a commission on each booking.
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