New Enterprise Associates has led a $27 million Series A funding round in Berlin-based travel planning startup GoEuro. Existing backers Battery Ventures, Hasso Plattner Ventures and Lakestar also participated in the round. The company, which allows travelers to schedule trips on planes, trains and buses, had previously raised a $4 million seed-stage round from Battery and Hasso Plattner. As part of the Series A funding, NEA General Partner Forest Baskett has joined the board.
GoEuro closes Series A funding of $27 million led by New Enterprise Associates
All existing institutional investors participate in the round
27 August 2014: Multi-mode travel platform GoEuro is pleased to announce today 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 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.
GoEuro is addressing the complex challenges of the multi-billion dollar European travel market by using technology to build a new platform that normalizes 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. Travellers can plan routes from towns and villages, and then compare and combine air, rail and bus travel in a single search, thus eliminating the need to visit multiple websites to plan their entire journey.
The company 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 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.
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.”
“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,” said Forest Baskett, General Partner at NEA. “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.”
“Anyone who has booked a train or bus ticket in Europe will immediately understand how GoEuro is revolutionizing the travel industry,” said Itzik Parnafes, a Battery general partner. “The company is also an example of how companies are transforming entire ecosystems through the clever use of data—an investment thesis in which we at Battery are very interested today.”
GoEuro is a travel search platform that allows customers you to compare and combine air, rail and bus transport across Europe.
The platform revolutionises the travel planning experience, providing customers with more choice, transparent pricing, travel times and easier booking. GoEuro lets travellers search to and from any location, including towns or villages, showing you the best possible transport combinations based on price, total travel time and convenience, eliminating the need to visit multiple websites to plan an entire trip. With GoEuro, travel planning is simple, flexible and personal. www.goeuro.com
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With approximately $13 billion in committed capital, NEA invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm’s long track record of successful investing includes more than 190 portfolio company IPOs and more than 315 acquisitions since its founding in 1977. In the U.S., NEA has offices in Menlo Park, CA; Boston, MA; New York, NY; Chicago, IL; and the Washington, D.C. metropolitan area. In addition, New Enterprise Associates (India) Pvt. Ltd. has offices in Bangalore and Mumbai, India and New Enterprise Associates (Beijing), Ltd. has offices in Beijing and Shanghai, China. For additional information, visit www.nea.com.