GetYourGuide has announced new funding of €80 million via a Revolving Credit Facility (RCF).
The financing is led by UniCredit, with other financial institutions such as CitiGroup, Silicon Valley Bank, Deutsche Bank and the “Venture Tech Growth Financing” program of KfW also participating.
In a statement, the tours specialist says the financing is a “vote of confidence” and gives it “scope to explore new strategic investments during the travel rebound expected later this year.”
Johannes Reck, CEO and co-founder of GetYourGuide, says: “We are at a true inflection point in travel. As the world rolls out vaccine programmes, we see significant pent-up demand for in-person, incredible travel experiences.
"According to the UN World Tourism Organization, 2021 and 2022 will feature a double-digit rebound for global tourism, returning leisure travel close to pre-pandemic levels.”
The statement adds that GetYourGuide’s plans for 2021 include growing its Originals tours portfolio as well as developing the digital customer experience.
Back in September 2020, Tao Tao, the company's co-founder and chief operating officer, talked about how GetYourGuide had tried to remain "customer obsessed" during the pandemic in order to get customers coming back and keep them within a GetYourGuide ecosystem.
Reck says: “We want to help the world rediscover travel in the post-pandemic world - from the most iconic attractions to unique local and cultural experiences.”
Jan Kupfer, head of corporate & investment banking Germany, UniCredit, says: “We are very happy to help GetYourGuide continue its growth trajectory during this extraordinary situation that we find ourselves in. The successful financing also shows once again our unique tech advisory approach, where we combine our deep tech expertise with the broad product range of a pan-European commercial bank.”
GetYourGuide announced €114 million via a convertible note in October enabling the company to invest in “strategic opportunities and build out its market-leading position.”
The October financing came just weeks after the company announced it was letting go of about 90 employees in a bid to reset the business.
* Check out this interview with Reck, recorded for the New Reality With... series in 2020.
New Reality With... Johannes Reck of GetYourGuide