Vision Fund, the $98.6bn investment vehicle managed by telecommunications and internet group SoftBank, led a $484m series E round for Germany-based travel activity booking platform GetYourGuide yesterday.
The round also featured Swisscanto Invest, an asset management subsidiary of financial services firm Zürcher Kantonalbank, as well as Temasek, Lakestar, Korelya Capital and Heartcore Capital. It boosted the company’s overall funding to $655m.
GetYourGuide runs an online platform where tourists can book tours and other attractions in destinations spanning 170 countries. It plans to channel the funding into growing its range of available tours, improving the platform’s search and booking capabilities and extending its marketing activities.
Reports last month suggested SoftBank was preparing to invest approximately $556m in the company at an $1.8bn valuation. Ted Fike, a partner at SoftBank Investment Advisers, which manages Vision Fund, will join the board of directors at GetYourGuide.
Fike said: “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 modernising access for travellers 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.”
The company had received $50m in a 2015 series C round led by KKR and backed by Nokia Growth Partners, the subsidiary of communications technology provider Nokia that was later spun off as NGP Capital, as well as Spark Capital, Highland Capital Partners and Heartcore (then known as Sunstone Capital).
Battery Ventures led GetYourGuide’s $75m series D round in late 2017, investing together with Nokia Growth Partners, KKR, Spark Capital, Highland Europe and Sunstone Capital.
