Booking Exciting Experiences Through an App
The startup business was founded in 2009 by entrepreneurs and travel enthusiasts Tao Tao, Martin Sieber, Johannes Reck, and Tobias Rein. The Berlin-based startup company offers a wide range of activities, tours, restaurants, and other services for booking on its convenient app. Users can easily sign up through the app for fun activities ahead of time, bypassing in-person queues and maximizing their time on trips.
Since the travel booking startup business launched, the company has raised $789.5 million from investors, including Searchlight Capital Partners and SoftBank Vision Fund, among others. Though travel restrictions have posed a difficult challenge for the business, the acquisition of an RCF will likely help the company keep the lights on as things slowly begin to return to normal.
“The company is very well capitalized and fully funded to profitability,” said GetYourGuide CFO Nils Chrestin. “Even if the current travel volume stayed like this for three years, we would not run out of capital. We have sufficient capital even for that scenario, but we don’t think that will happen.”
Competition in the Recovering Travel Business
GetYourGuide is not the only travel booking app business ready to embrace the industry’s recovery. Competitors, like travel booking app and website Klook, have also gathered significant support from investors. The rival company has amassed close to $722 million in total funding over seven rounds. In spite of 2020’s best efforts, market research reports that the global online booking platform market will grow by an estimated $205 billion with a compound annual growth rate (CAGR) of 5% from 2020-2024.
About the Author
James White is a Michigan State University graduate with a BS in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.