Indian-born entrepreneur's travel startup GoEuro gets $27M in funding from NEA, others
Berlin-based GoEuro Corp., the company behind the multi-mode online travel platform GoEuro, has bagged $27 million in its Series A round of funding, led by New Enterprise Associates (NEA). US-based Battery Ventures and German VC firm Hasso Plattner Ventures, besides internet & tech fund Lakestar also participated in the round.
The funds will be utilised to accelerate GoEuro's growth across key European markets.
"This is a very significant backing of the progress we have made since we launched just over a year ago. 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," said Naren Shaam, founder and CEO of GoEuro.
The travel startup was founded in 2012 by Shaam, who was born in India and educated in the US. Shaam hold s business degree from Harvard Business School. Prior to setting up GoEuro, he had worked in the auto and financial services industries in the US.
GoEuro is a travel search platform that allows customers to compare and combine air, rail and bus transport across Europe. The platform enables travellers to 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.
It currently operates in seven countries including Germany, the UK, Spain, Italy, Belgium, the Netherlands and Luxembourg, providing coverage to 20,510 railway stations, 10,011 bus stations and 207 airports. GoEuro had earlier raised $4 million in seed funding from Battery Ventures, Hasso Plattner Ventures and others.
"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 â‚¬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."