Berlin-based travel platform Omio announced it has raised $100 million in late stage funding to help see its business through the coronavirus crisis. This round received massive participation from existing investors Temasek, Kinnevik, Goldman Sachs, NEA and Kleiner Perkins.
Omio’s business has now pulled in around $400M in total since being founded back in 2013 with the prior raise being a $150M round back in 2018.
In a supporting statement on the latest raise, Georgi Ganev, CEO of Kinnevik, said: “We are very impressed how fast and effective Omio adapted to such an unprecedented crisis for the global travel industry. The management team has delivered quickly and we can see the robustness of the business model which is well diversified across markets and transport modes. We are looking forward to supporting Omio on its way to become the go-to destination for travellers across the world.”
While COVID-19 has thrown up major headwinds to global tourism and travel with foreign trips discouraged by specific government quarantine requirements, and the overarching requirement for people to maintain social distancing meaning certain types of holidays or activities are less attractive or even feasible, Omio is nonetheless sounding upbeat — reporting a partial recovery in bookings this summer in Europe.
In Germany and France it says bookings are above 50% of the pre-COVID-19 level at this point, despite only “marginal” marketing spend over the crisis period.
Its business is likely better positioned than some in the travel space to adapt to changes in how people are moving around and holidaying, given it caters to multiple modes of transport. The travel aggregator platform spans flights, rail, buses and even ferry routes, allowing users to quickly compare different modes of transport for their planned journey.