HOSPITALITY TRENDS
prnewswire | June 01, 2023
GetYourGuide, the leading global platform for discovering and booking travel experiences, announced today the closing of $194 million in equity and credit financing. The round represents a valuation increase for the company and solidifies its leadership position in the industry. The strategic investment will be deployed to expand GetYourGuide's marketplace in key geographies such as North America and accelerate product innovation for both travelers and experience creators globally.
Blue Pool Capital led the $85 million Series F funding round, with participation from KKR and Temasek. UniCredit led the Revolving Credit Facility (RCF) of $109 million, with participation from BNP Paribas, Citi and KfW.
"In the current market, we view this as a vote of confidence from our investors who believe passionately in unlocking unforgettable experiences for travelers around the globe," said Johannes Reck, CEO and co-founder of GetYourGuide. "We are still early in the transformation of our category and the larger $300 billion category and the even larger $1.5 trillion experiences market. And our technology is poised to help drive innovation and growth for our partners and customers alike," Reck added.
Consumers are continuing to spend on experiences over traditional retail goods. GetYourGuide's data confirms this trend: booking volumes in the first quarter of 2023 are four times higher than the first quarter of 2019. The travel experiences category is quickly growing, benefiting from a generational shift in consumer spending habits. According to the U.S. Bureau of Economic Analysis, American consumer spending on experiences grew twice as fast as spending on goods between 2000 and 2019.
"There is immense opportunity in the digitization of the experiences industry, and we believe GetYourGuide's global leadership and market-leading customer-centricity in the category stems from its deep expertise in this complex space," said Oliver Weisberg, CEO of Blue Pool Capital. "We believe GetYourGuide is uniquely positioned to be the global leader in the category; we are pleased to lead the equity financing given the strength of the business," added Weisberg.
The investment will help increase the pace of innovation for travelers and supply partners, leveraging the rapidly progressing capabilities of AI and Large Language Models (LLMs). The acceleration of product investment will not only help travelers make the most of their travels, but also empower supply partners to manage and grow their businesses on the platform with intuitive tools.
The funding comes in time to kick off peak travel season, where record-breaking engagement is expected on GetYourGuide's platform. Part of driving this increased engagement are Originals by GetYourGuide, the company's signature co-created tours with exclusive activities and access, such as NYC: MoMA Before Hours Tour with Art Expert; London: Coronation Tour; Milan Cathedral & Terraces Exclusive After-Hours Tour; and Turning the Lights on at the Vatican Museums.
J.P. Morgan acted as exclusive financial advisor to GetYourGuide on the transaction. For more information about GetYourGuide, please visit getyourguide.press.
About GetYourGuide
Headquartered in Berlin, Germany, GetYourGuide, a travel booking platform, specializes in online travel, tours, attractions and local activities, tourism, e-commerce, technology, the hospitality industry, engineering, sales management, account management, marketing, and travel experiences. It has been transforming travel experiences for explorers since 2009. It accelerates growth for experience creators through access to data-driven insights, technology and a market expert. It focuses on simplifying the digital travel reality. It provides meaningful moments of discovery for travelers. It has leading venture capital investors for funding and support and various local offices worldwide.
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COMMERCIAL TRAVEL
Travelport | March 13, 2023
Travelport, a global technology company for travel, has recently acquired Deem for further investment in innovation to modernize the retailing and corporate travel sector. This acquisition would improve Deem's speed to market and allow seamless integration of multi-source content.
Deem is a modern technology solutions provider for the corporate travel industry and previously worked under Enterprise Holdings, a mobility solutions provider. It has a suite of online booking and travel technology products designed especially for business travelers, travel managers, travel-management companies and suppliers. It is making the corporate travel experience more efficient for all. It is entitled as one of the 'Fast Company's Most Innovative Companies of 2022'. It aims to continue growth in its share of the corporate travel business, and the Travelport's investment is further increasing that growth at a global level.
Travelport is an established NDC leader and launched the end-to-end solution for American Airlines' NDC content. It plans to enhance its position with the swift technical integration of Deem company. It will avail Deem of the NDC offers, products and services. The NDC content is important for travel agencies, corporations and travelers, particularly those in North America. Currently, North American airlines are shifting some content exclusively to NDC.
CEO of Travelport, Greg Webb said, "The game-changing acquisition of Deem by Travelport will fulfill a growing, post-pandemic need for a tight, fully-integrated corporate tool that will provide access to all multi-source content, including NDC." He added, "We've been laser-focused on investing in technology innovation, and Travelport+ has simplified the agency workflow, upgraded how travel content is curated, and enabled modern travel retailing. Now with the acquisition of Deem, Travelport will provide corporate travel with award-winning, complementary tools that are as revolutionary, modern, and easy-to-use as Travelport+."
(Source – Cision PR Newswire)
About Travelport
Headquartered in Langley, Berkshire, Travelport, an information technology and services provider for travel, offers solutions for technology, travel commerce, travel, distribution, payment, airlines, travel agents, online travel agencies, travel management companies, corporate travel, B2B, cloud, search, business intelligence, data, and travel industry. It has been working as a worldwide travel retail platform since 1971. Its huge marketplace, Travelport+, connects buyers to sellers for exceptional travel experience and modern digital retailing. It is an independent platform providing solutions for complex travel ecosystems through innovation. It supports bookings of travel suppliers worldwide.
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TRAVEL TECHNOLOGY
prnewswire | March 27, 2023
Brex today announced Brex travel, a premium travel management experience that delivers comprehensive booking and management capabilities, all in the Brex dashboard and mobile app, with unbiased global inventory, self-service trip changes, and 24/7 agent support.
With the addition of travel, Brex is extending Empower to provide the first, all-in-one global system that integrates card, expense management and travel in one app. Brex has partnered with Spotnana, to build its travel capabilities from the ground up on top of Spotnana's modern, cloud-based Travel-as-a-Service platform. Empower was designed to address the needs of companies as they grow, from startups through enterprise-level companies.
With business travel picking up, modern companies need an effective solution to manage global travel end-to-end. Brex delivers an integrated experience providing employees with a self-serve solution to book and manage trips. Automated receipt capture and approvals drive higher compliance and real-time visibility for finance teams. Live budgets allow them to proactively provision and track spend in real time to keep everyone accountable, within policy and on budget.
Manage travel budgets in one place.
With Brex Empower's integrated card, spend and travel management system, finance teams can create budgets and policies to manage travel across the entire company. Brex travel enables finance teams to roll out customized travel budgets across an organization, enabling individuals and teams to book travel compliant with spend policies. When all trip expenses are managed in the same budget, there is real-time visibility into how spend is trending, giving leaders the ability to manage travel spend proactively, putting travel dollars to where they have the most impact.
Employee experience drives compliance.
Brex travel delivers a consumer-grade booking experience, with an unbiased global inventory that provides employees with the most comprehensive choices and gives companies access to preferred rates. This reduces the need to book travel outside of the system, increasing adoption and improving policy compliance. With automatic approval of expenses that are in policy, managers can focus only on the exceptions while employees book their flights, swipe their card at restaurants, and check out from the hotel. And, a modern UI and easy-to-use mobile app increases employee adoption, helping keep travel in policy and in budget.
"Most employees find it hard to comply because they don't know what the policy is, and it takes a lot of effort to collect receipts and memos for every purchase," said Henrique Dubugras, co-Founder and co-CEO of Brex. "With Brex travel, you can easily see the right policy on the mobile app at the time of booking, and we automate receipt collection, memos and approvals on trips."
"Our previous solution was clunky and slow. Brex's easy-to-use platform takes the hassle out of booking business travel with built-in controls to ensure total compliance. The difference has been night-and-day." – Jeff Cullinane, Vice President of Strategy, Integration, & PMO at Satellite Healthcare
A global travel platform.
As a truly global solution, employees can book travel to anywhere in the world and access 24/7 customer support wherever they are. Brex's travel inventory is unbiased and not impacted by commissions, a common practice in the business travel industry. Brex travel increases trust and adoption by providing the most comprehensive inventory and range of choices to a business traveler — including global distribution system (GDS) fares, direct API integrations with airlines, basic economy seats, local and low-cost airlines (often left out of most travel systems), as well as hotels and car rentals in all major countries.
"Brex is an innovator that shares our passion for delivering superior customer experiences," said Sarosh Waghmar, Founder and CEO of Spotnana. "We are excited to partner with Brex and provide the core travel infrastructure that enables them to expand the Empower platform and create an end-to-end travel and expense solution."
Brex travel builds on the momentum of the Empower platform. Since launching in 2022, Empower has experienced rapid growth, onboarding hundreds of thousands of employees globally and adding hundreds of new capabilities and integrations. Empower is supported in more than 100 countries and used by companies like DoorDash, Coinbase, Indeed, Superhuman, SeatGeek, Built Technologies, and Scale AI to manage their global spend on one platform. Travel customers on Empower include GoGuardian, Miso Robotics, FMX, Satellite Healthcare, and more.
About Brex
Brex is the first fully unified global spend platform — with corporate cards, expense management, reimbursements, bill pay, and travel, all in one place. Brex makes it easy for finance teams and founders to manage every aspect of global spend at scale by empowering their employees anywhere to make better financial decisions. Brex proudly serves tens of thousands of businesses, from enterprises to startups.
About Spotnana
Spotnana powers unparalleled global travel experiences. We are modernizing the infrastructure of the travel industry in order to bring freedom, simplicity, and trust to travelers everywhere. Our Travel-as-a-Service Platform makes travel simpler and more affordable for corporations, while enabling our ecosystem of agency, supplier, and technology provider partners to increase operational efficiency, unlock new revenue sources, and accelerate innovation.
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