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Published on : Wednesday, December 9, 2015
GoEuro.com, Europe’s largest platform for planning and booking all rail, bus and air transportation, has announced the closure of a Series B funding round totalling $45 million. The funding was led by Goldman Sachs and joined by new investors including Atomico, Yuri Milner and Tom Stafford, Sebastian Siemiatkowski (Klarna) and Ilkka Paananen (Supercell). Naren Shaam, Founder and CEO of GoEuro, said: “This new investment is a huge endorsement to the progress we have made since our launch two and a half years ago.
It will allow us to further accelerate our growth, and continue to build the most comprehensive platform for rail, bus and air travel in Europe – making tens of thousands of destinations easily accessible for travellers from all over the globe.” The company is addressing a market where over €150 billion is spent yearly on travel across Europe, utilizing proprietary technology to present all rail, bus, air transportation options, thereby creating a single, unified source of information for all consumer travel needs.
Christopher Dawe, Co-Head of Goldman Sachs IP Private Investments, commented, “GoEuro has made impressive progress in bringing the last untapped market within the travel industry into the 21st century. With over 50k train and coach stations across Europe, yet no online solution to search and book travel in a similar manner to what already exists within the airline industry, we see a tremendous opportunity to fill the void by building the leading multi-modal travel platform.”
Niklas Zennström, founder and CEO of Atomico added, “GoEuro is only two years old but we have been extremely impressed with their international approach to revolutionizing European travel. I am also delighted to see successful entrepreneurs like Ilkka and Sebastian re-investing in the tech community and strengthening Europe’s tech ecosystem. The international team at GoEuro are all amongst the best in the industry, with ex-employees of global technology brands joining the ranks in recent years and we look forward to working with Naren and his team to help scale GoEuro further.”
GoEuro now operates in a contiguous area of 11 countries across Europe with a combined population of 400 million, offering its users the ability to search and book the fastest, cheapest, and most convenient journeys with over 40 railway companies, over 300 bus operators and all airlines, while helping operators reach new customers from all over the world. The additional funding will enable the company to accelerate its growth through 2016 and beyond, with a focus on investment in new partner integrations, product development, continuing to attract the best talent to GoEuro, and customer acquisition both within Europe and globally.
Mr Shaam continued, “GoEuro today already reaches travellers from more than 120 countries, in 15 languages, and we’re making travelling in Europe easier than ever before – both inside countries and across borders. The support from Goldman Sachs and Atomico will enable us to focus even more on our vision of building the only tool you need to fully benefit from Europe’s excellent rail, bus and air travel infrastructure.”