Travel Experience Marketplace GetYourGuide Secures $194 Million to Accelerate Global Expansion and Product Innovation
The investment will be used to help solidify GetYourGuide as the leader in the $300 billion travel experiences market
BERLIN, June 1, 2023 /PRNewswire/ -- GetYourGuide, the leading global platform for discovering and booking travel experiences, announced today the closing of $194 million in equity and credit financing. The round represents a valuation increase for the company and solidifies its leadership position in the industry. The strategic investment will be deployed to expand GetYourGuide's marketplace in key geographies such as North America and accelerate product innovation for both travelers and experience creators globally.
Blue Pool Capital led the $85 million Series F funding round, with participation from KKR and Temasek. UniCredit led the Revolving Credit Facility (RCF) of $109 million, with participation from BNP Paribas, Citi and KfW.
"In the current market, we view this as a vote of confidence from our investors who believe passionately in unlocking unforgettable experiences for travelers around the globe," said Johannes Reck, CEO and co-founder of GetYourGuide. "We are still early in the transformation of our category and the larger $300 billion category and the even larger $1.5 trillion experiences market. And our technology is poised to help drive innovation and growth for our partners and customers alike," Reck added.
Consumers are continuing to spend on experiences over traditional retail goods. GetYourGuide's data confirms this trend: booking volumes in the first quarter of 2023 are four times higher than the first quarter of 2019. The travel experiences category is quickly growing, benefiting from a generational shift in consumer spending habits. According to the U.S. Bureau of Economic Analysis, American consumer spending on experiences grew twice as fast as spending on goods between 2000 and 2019.
"There is immense opportunity in the digitization of the experiences industry, and we believe GetYourGuide's global leadership and market-leading customer-centricity in the category stems from itsdeep expertise in this complex space," said Oliver Weisberg, CEO of Blue Pool Capital. "We believe GetYourGuide is uniquely positioned to be the global leader in the category; we are pleased to lead the equity financing given the strength of the business," added Weisberg.
The investment will help increase the pace of innovation for travelers and supply partners, leveraging the rapidly progressing capabilities of AI and Large Language Models (LLMs). The acceleration of product investment will not only help travelers make the most of their travels, but also empower supply partners to manage and grow their businesses on the platform with intuitive tools.
The funding comes in time to kick off peak travel season, where record-breaking engagement is expected on GetYourGuide's platform. Part of driving this increased engagement are Originals by GetYourGuide, the company's signature co-created tours with exclusive activities and access, such as NYC: MoMA Before Hours Tour with Art Expert; London: Coronation Tour; Milan Cathedral & Terraces Exclusive After-Hours Tour; and Turning the Lights on at the Vatican Museums.
J.P. Morgan acted as exclusive financial advisor to GetYourGuide on the transaction. For more information about GetYourGuide, please visit getyourguide.press.
*Market descriptions based on Euromonitor data
Following a student trip to Beijing during which the sourcing of a good tour guide to help navigate the city proved challenging, Johannes Reck, Tao Tao, Martin Sieber and Tobias Rein were inspired to found GetYourGuide in 2009. Today, GetYourGuide offers more than 75,000 activities from over 16,000 experience creators. Since launch, travelers from over 150 countries have booked more than 80 million tours, activities and attraction tickets through GetYourGuide.
Powered by a global team of more than 700 travel and tech experts, the company is headquartered in Berlin, Germany, and has 17 local offices around the world (including the UK and USA).
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