Convertible note financing ensures company can invest in strategic opportunities to cement market-leading position and ignite post-pandemic travel demand
BERLIN--GetYourGuide, the booking platform for incredible travel experiences, today announced that it has raised €114 million in convertible note financing led by Searchlight Capital. The financing round was joined by a consortium of GetYourGuide’s existing investors, including SoftBank Vision Fund, KKR, Battery Ventures, Highland Europe, Spark Capital, Lakestar, Heartcore Capital and NGP Capital, as well as the company’s own founding team and others.
According to the UN World Tourism Organization1, prevailing forecast scenarios indicate that 2021 and 2022 will feature a double-digit rebound for global tourism after the pandemic resolves, traveler confidence increases and pent-up demand is unlocked. To capture the market opportunity, GetYourGuide plans to continue to invest in strategic initiatives, develop its world-class digital product and signature Originals experiences, and build out its global inventory to cater to post-pandemic travelers’ latest preferences and hygienic standards.
“After the pandemic, people will travel again, and experiencing the sights and culture of the world’s iconic destinations will be what they crave the most,” said Johannes Reck, CEO and co-founder of GetYourGuide. “As the global tourism industry prepares to rebuild, GetYourGuide’s mission to give the whole world access to incredible experiences matters more than ever. This new financing is a vote of confidence in GetYourGuide's readiness to lead the recovery of global tourism.”
Eric Zinterhofer at Searchlight Capital said, “We have a natural affinity with the talented, entrepreneurial team at GetYourGuide, given Searchlight’s own enterprising culture and our success in partnering with founder-led businesses. While 2020 has undoubtedly been a challenging year for the travel sector, we believe GetYourGuide has the right strategy, capabilities and investor support in place to rebound strongly once the pandemic is under control. We are excited to begin our work together.”
LionTree, Latham & Watkins and Walder Wyss acted as advisors to GetYourGuide on this transaction.