Multi-mode travel platform GoEuro has announced yesterday that it has successfully raised $27 million in Series A funding, led by New Enterprise Associates (NEA), one of world’s largest venture capital firms.
As it is known, GoEuro currently operates in seven countries, Germany, UK, Spain, Italy, Belgium, Netherlands and Luxembourg, providing coverage to 20,510 railway stations, 10,011 bus stations and 207 airports. The company is addressing the complex challenges of the multi-billion dollar European travel market by using technology to build a new platform that normalises massive amounts of rail, bus and air data, resulting in a solution that presents users with all travel options in a clear and concise manner. It gives travellers an option to plan routes from towns and villages, and then compare and combine air, rail and bus travel in a single search.
The new funding will enable GoEuro to significantly increase its rate of growth – with further key European markets to be opened later this year – and reach its goal of being the largest multi-mode travel platform across the Continent. As a further sign of confidence in GoEuro’s current progress and future prospects, all three existing investors — Battery Ventures, Hasso Plattner Ventures and Lakestar —have increased their funding in the company.
Naren Shaam, founder and CEO of GoEuro, said: “We are thrilled to welcome NEA to GoEuro, they are a top tier investor with long-term thinking and deep roots in the technology sector. This is a very significant backing of the progress we have made since we launched just over a year ago. It’s a clear signal that NEA understands the market opportunity for the entire multi-mode travel industry worldwide, and GoEuro’s position as a recognized leader in the segment in Europe. We continue to see rapid increase in all our key metrics in the business and this funding will enable us to execute our growth strategy over the next few years.”
On the other side, Forest Baskett, General Partner at NEA, said: “By delivering a beautifully simple solution to a highly complex technology problem, GoEuro is rapidly gaining traction in a market that is ripe for transformation,” “Addressing the €200B-plus European travel market is an enormous opportunity, and NEA is thrilled to partner with GoEuro as the company expands its platform across Western Europe and to the international travel community.”