GoEuro sets sights on global expansion after $70 million boost for European growth

GoEuro sets sights on global expansion after $70 million boost for European growth

Travel search platform GoEuro has announced $70 million of investment towards its European growth plans and has set its sights on the rest of the world.

Customers on its site compare the price and journey time of flights, trains and buses between European destinations.

The new investment is led by technology investment fund Silver Lake Kraftwerk and Silicon Valley venture capitalists Kleiner Perkins Caufield & Byers.

The move follows funding of $45 million, announced in 2015 and is intended to help the firm build on its 10 million monthly users, choosing from five million routes in 12 countries across Europe.

German-based GoEuro – which also wants to reach out to travel agents – is in partnership with 500 travel firms and employs 180 staff from 40 countries.

Speaking to Travolution, chief executive and founder Naren Shaam said the key areas of expansion would be branching out into the rest of Europe, standardising mobile booking and ticketing and more prominent marketing.

Tapping into new markets in the rest of the world is a long-term plan which Shaam said they could move on after focussing on European expansion in the next two years.

Shaam said: “Most of the industry shops offline at the station but we want to help bring all the competition to customers’ fingertips.”

He said 70% of consumers book on mobile so GoEuro aims to create a standardised booking and ticketing system on hand-held devices.

“Not every provider accepts mobile tickets and sometimes we re-direct to third parties’ websites. Making it simple is very much our aim.

“Our objective is to connect every single location on the map with a click of a button.”

Bryce Lee, managing director of Silver Lake Kraftwerk: “We believe GoEuro has a clear opportunity to be the leading travel platform in this nascent market that today is still predominantly offline.”

Mood Rowghani, general partner at Kleiner Perkins Caufield & Byers added: “GoEuro has grown tremendously to become a part of consumers’ daily lives.”

In total, GoEuro has now raised more than $145 million including investments in previous funding rounds and participation in the new round from Atomico, Battery Ventures, Goldman Sachs Investment Partners, Lakestar, and NEA.

It claims it is now on the cusp of gaining unicorn status, meaning it is part of a group of European start-ups seen to have the potential to become multi-billion dollar companies.

Shamm would not confiurm current valuation, but said he has big plans for a multi-million dollar business.

“A good valuation is a by-product of a simple and successful product,” he said.

Brexit, Shaam added, has not stopped British consumers booking with GoEuro, but said they are choosing cheaper option as the value of sterling has dropped.

The lower value of the pound has also seen a rise in in-bound tourism to the UK, he added.

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