GetYourGuide is a travel startup with the potential to revolutionize the travel industry. Since most of the world’s countries closed in March 2020, the travel business has suffered tremendous setbacks. As nations begin to open up once again, there is an innovative and comprehensive travel service that is ready to provide to become an integral part of the new normal. GetYourGuide will be part of the industry and we believe it will help set new standards for travel around the world.
What is GetYourGuide?
According to Wikipedia, the startup is of Swiss origin. It was founded in 2007 by Johannes Reck and Tao Tao. The founders decided to create a service that would help tourists navigate foreign cities. Both experienced difficulties moving around and this gave them the idea to develop a new peer-to-peer Internet platform that initially brought together tourists and amateur guides. As their plan took shape, they refined the platform to provide professional tour guides to book activities in major cities around the world. GetYourGuide is divided into two main categories, including a travel agency, an online marketplace for travelers to connect with tour guides and book excursions.
The business sells tours and excursions. It has expanded services to include tickets to multiple tourist attractions and even bookings for cooking classes. GetYourGuide offers more than 40,000 different products around the world. The startup aims to provide travelers with a connection to simplify sightseeing and excursion activities. The website can be accessed on Android and iOS. This is a one-of-a-kind company that not only provides travel services, but also important links between travelers and other helpful resources for creating an itinerary. This limits competition due to its uniqueness in the market. GetYourGuide does not provide services, but links travelers with those who do. Vendors are screened, and those who consistently receive negative reviews are cut out of the options offered. This is an effort to maintain superior quality and consumer satisfaction.
Funding for GetYourGuide
When the founders first launched their idea in business form, they received seed funding from parents and other family members. The idea grew and it became clear that more funds would be needed to achieve its lofty goals. Although it was difficult to secure funding at first, in January 2013 GetYourGuide received $ 14 million in a Series A funding round. This enabled them to launch their mobile apps and add more than 23,000 activities and tours from destinations around the world. . Within 3 months of receiving its Series A funding, GetYourGuide acquired Gidsy to continue mobile app development with its team of a dozen developers. The company established an office in Zurich for engineering teams with more regional offices opening in major cities around the world.
According to Tech Crunch, GetYourGuide was affected by the decrease in travel due to the pandemic. New hope in the form of $ 97 million in a revolving line of credit, the company has access to any necessary operational financing as we slowly return from the travel hiatus. The funds are designated as an interim measure until things get back to normal. Although tourism has been swept away, travel-hungry citizens of the world are likely to once again seek thrilling adventures once the threat of danger is gone.
Before the pandemic, GetYourGuide raised $ 600 million in equity capital with $ 484 million raised in 2019 in a Series E funding round. The company had achieved unicorn status with a valuation that exceeded the $ 1 billion required to join this exclusive group. Another round of shares is expected to close in the next 18 months. The business is now widely supported with its revolving financing facility and more investment rounds to come.
The waiting game has been a killer for companies related to the travel industry. It has put most of them on hold or limited business transactions to a trickle. Even companies with unicorn status have had to dig deep into their reserves just to stay afloat. A year has passed since the abrupt shutdown occurred. Analysts cannot predict what may happen anytime soon, but GetYourGuide is crouched down and ready to resume its progression as allowed.