Travel booking platform GetYourGuide announced that it has raised $484 million in Series E funding, led by the SoftBank Vision Fund. The round also saw participation from co-investors Temasek, Lakestar, Korelya Capital and Heartcore Capital (formerly Sunstone Capital), as well as original investors, including Swisscanto Invest by Zürcher Kantonalbank.
GetYourGuide plans to use the new funding to expand its global inventory of experiences, boost the capabilities of its platform and diversify its marketing channels. In addition, Ted Fike, partner at SoftBank Investment Advisers, will join GetYourGuide’s board of directors.
“Today’s consumers prioritize seeking and sharing experiences over material possessions, and we expect this trend to accelerate in the years ahead,” said Johannes Reck, CEO and co-founder of GetYourGuide, in a press release. “We’ve spent the past decade building a market-leading company around our mission to give the whole world access to incredible travel experiences. In the SoftBank Vision Fund, we’ve found a partner that shares our bold mission, and our long-term view of how this fundamental consumer shift will impact global travel. We’re incredibly excited about the journey ahead of us.”
GetYourGuide has sold over 25 million tickets to tours and activities through its platform. In the past year, the company was recognized by Fast Company as a 2018 Most Innovative Company for its signature line of GetYourGuide Originals, which has sold over 40,000 tickets and achieved 30 percent above average reviews from customers since launching last year. Over the next year, GetYourGuide plans to expand Originals, with at least 25 new destinations and product enhancements.
“Consumers, especially millennials, are spending an increasing portion of their disposable income on travel experiences. We believe GetYourGuide is leading this seismic shift by consolidating the fragmented global supply base of tour operators and modernizing access for travelers globally. This combination creates powerful network effects for their business that is fueling their strong growth. We are excited to partner with their passionate and talented leadership team,” added Fike.