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GetYourGuide Raises $194 Million to Fuel Growth and AI Innovation

GetYourGuide raises $194M to fuel growth and expand into the U.S. market. AI integration and unique travel experiences set them apart.

GetYourGuide Raises $194 Million to Fuel Growth and AI Innovation

Berlin-based online travel startup, GetYourGuide, has successfully secured $194 million in funding from investors, propelling the company’s valuation to nearly $2 billion. The recent influx of funds will support GetYourGuide’s expansion into the U.S. market, take advantage of the resurgence in travel demand, and invest in cutting-edge artificial intelligence (AI) tools, including large language models (LLMs).

Expanding Reach and Valuation

GetYourGuide’s latest funding round witnessed a mix of equity and debt investments. Blue Pool Capital, a U.S.-based asset management firm, led the equity portion with a $85 million investment. Notably, existing investors such as KKR and Temasek also participated in this funding round, demonstrating their confidence in the company’s growth prospects.

UniCredit led the debt portion of the deal, with support from esteemed financial institutions including BNP Paribas, Citibank, and KfW. With a combined investment of over $1 billion, GetYourGuide has significantly bolstered its financial position to further solidify its market presence.

Revolutionizing the Travel Experience

GetYourGuide distinguishes itself from other online travel platforms by offering users a unique approach to travel. Instead of focusing on traditional services like hotels and flights, GetYourGuide curates and sells experiential activities and hidden gems in unexplored destinations.

The platform collaborates with third-party suppliers, enabling users to book captivating experiences through their website. For each successful booking, GetYourGuide receives a commission, making it a win-win situation for travelers and local businesses alike.

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Overcoming Pandemic Challenges

The COVID-19 pandemic inflicted severe setbacks on the global travel industry, and GetYourGuide was no exception. During the early stages of the pandemic, the company experienced a complete halt in revenue generation, enduring multiple quarters of financial decline.

Johannes Reck, CEO and co-founder of GetYourGuide acknowledged the challenging period, stating, “We were severely depressed in the pandemic… People didn’t go out.” However, as travel restrictions eased and consumer confidence gradually returned, the company witnessed a remarkable resurgence in demand.

GetYourGuide Raises $194 Million to Fuel Growth and AI Innovation

Reck attributed this rebound to various factors, including the reopening of the U.S. market and the discovery of the more benign omicron variant. Consequently, GetYourGuide experienced a doubling of sales volumes in 2022 compared to pre-pandemic levels, and the first quarter of 2023 witnessed a four-fold increase.

Diversification and Innovation

To mitigate the impact of physical travel limitations, GetYourGuide ventured into virtual experiences, offering users immersive virtual tours and engaging activities. Building on this success, the company recently launched its own exclusive brand, “Originals,” which includes extraordinary experiences like accessing the Sistine Chapel in Vatican City after hours and exploring the Museum of Modern Art in New York before regular opening hours.

GetYourGuide’s CEO, Johannes Reck, envisions the travel experiences market to be valued at $300 billion today, with a broader addressable market for experiences estimated at a staggering $1.5 trillion.

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Written By

Sarthak Tiwari is currently pursuing a Computer Science Engineering degree at VIT Bhopal. As an active member of the Fintech Club, he serves as a content writer, contributing insightful articles on the intersection of finance and technology. With a keen interest in emerging technologies, he took the lead in organizing a successful blockchain event, bringing together industry experts and enthusiasts to explore the potential of this transformative technology.

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