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Multi-modal platform GoEuro raises $150m to back innovation and expansion

Posted by Lee Hayhurst on
Multi-modal platform GoEuro raises $150m to back innovation and expansion

Multi-modal European transport booking platform GoEuro has raised $150 million in one of the largest-ever investment rounds in Germany.

The deal led by Kinnevik AB, a Swedish investment firm, and Temasek, an investment company based in Singapore, doubles the company’s total capital raised to date.

GoEuro said it plans to use the funds to “advance its vision of unifying transport globally by accelerating product innovation and expanding into new markets, facilitating more convenient travel booking across the world”.

The funding round also saw participation from Hillhouse Capital, a leading investment firm focused on long-term growth through innovation.

Cristina Stenbeck, main shareholder of Kinnevik and a member of the boards of Kinnevik and Spotify, will join GoEuro’s board of directors as part of the transaction.

Until 2016, Stenbeck served as both executive chairman of Kinnevik and chairman of Zalando.

Naren Shaam, chief executive and founder of GoEuro, said: “The investment by these outstanding firms is a testament to our team’s hard work to build the leading booking platform for transport in Europe and a recognition of the tremendous growth opportunities we see ahead.

“Having Kinnevik, Temasek and Hillhouse as investors complements our vision for driving growth across our business, as we help people around the world book their travel more easily and quickly.

“Over the past five years, we’ve brought most European transportation onto our platform, creating a simple, consistent and familiar experience for our customers.

“We see extraordinary potential to transform travel booking by expanding our platform to the fragmented, mostly offline systems for managing transport globally.

“Through this investment, we will enhance our customers’ experience by adding new geographies and modes of transport, and more people to our fantastic team to join us on this exciting journey.

“We are especially pleased that Cristina will join GoEuro’s board. Cristina’s expertise in consumer-facing brands will be an invaluable addition as we grow our business.”

GoEuro was launched five years ago as a metasearch engine.  Since it last raised funds in October 2016, it has achieved significant growth.

The site now offers ground and air travel options in 36 countries across Europe and full coverage in 15 of those markets, and more than 27 million people use GoEuro each month, three quarters of whom use mobile devices to access the platform.

Additionally, GoEuro recently completed its first acquisition, of European transport aggregator BusRadar, based in Karlsruhe, Germany.

Stenbeck said: “I have an enormous amount of respect and admiration for Naren and GoEuro’s drive to redefine travel booking for the future.

“Kinnevik’s management and Board share my excitement about the large addressable market that GoEuro has pursued since its inception, and the considerable runway for growth ahead.

“GoEuro has been a pioneering force in addressing, disrupting and improving end-to-end travel. We look forward to helping Naren and his team continue to build a world-class business.”

Lei Zhang, Founder and Chairman of Hillhouse Capital, said: “We are impressed with what Naren and his team have accomplished in Europe.

“We are excited to support GoEuro to bring its best-in-class multi-modal transport booking platform to Asia and the rest of the world.”

 

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