A press release by GetYourGuide has announced that the company has signed a revolving credit facility (RCF) amounting to 80 million euros. This is being granted by UniCredit Bank, Citigroup, Silicon Valley Bank, Deutsche Bank and KfW which is involved via its Venture Tech Growth Financing program.
GetYourGuide provides a booking platform with the same name, which can be used to reserve and pay for tours and activities across the globe. The start-up is now adapting its offering to meet the new needs of travelers following the pandemic. To do this, it is collaborating with its local partners.
GetYourGuide sees this funding as a “vote of confidence” for the entire travel industry. It will allow the start-up to undertake new strategic investments by preparing for the time after the pandemic. Johannes Reck, CEO and Co-Founder of GetYourGuide, says: “According to the United Nation’s World Tourism Organization, the years 2021 and 2022 will bring a double-digit rise in global tourism, which will return leisure tourism close to the level that it was at before the pandemic.”
GetYourGuide was founded as a spin-off from the Swiss Federal Institute of Technology in Zurich (ETH). It is currently headquartered in Berlin, but the company still has a site in its hometown of Zurich. GetYourGuide has already secured funding of 114 million euros back in October 2020 through a convertible bond.