Online travel activities booking platform GetYourGuide plans international expansion after securing a $75 million cash injection.
The funding comes at a time of “unprecedented momentum” for GetYourGuide, which this summer crossed the threshold of 10 million tickets booked, with nearly half of those booked in 2017 alone.
The in-destination activities segment of the global tourism industry, which now represents a $135 billion market and accounts for 10% of global leisure travel revenue, is growing at a similar rate.
Recent projections estimate that the global market for tours and activities will reach $183 billion by 2020, and that online bookings within the segment will more than double from 2015 levels.
Johannes Reck, chief executive of Berlin-based GetYourGuide, said: “We are experiencing explosive growth this year and have stepped up to become the largest online booking platform for travel activities.
“It’s our goal to significantly disrupt the in-destination travel experience in the years ahead, and the financing we’ve raised from both new and existing investors represents a vote of confidence in our progress toward capturing the massive market opportunity before us.”
The Series D funding round was led by global technology-focused investment firm Battery Ventures together with existing venture partners, including KKR, Spark Capital, Highland Europe, Sunstone Capital and Nokia Growth Partners (NGP).
GetYourGuide’s board of directors has been strengthened with the addition of general partner Itzik Parnafes, an Israeli-born entrepreneur and investor.
Parnafes brings a decade of experience in advising technology-focused businesses across a diverse range of industries.
“The company has already made significant progress in carving out a large and high-profile niche in the European travel market,” said Parnafes. “I’m looking forward to working closely with the board to support its efforts to capitalize on what I think is a very exciting segment of global tourism.”
GetYourGuide employs more than 400 staff across offices in 11 countries.