GetYourGuide, the booking platform for incredible travel experiences, today announced that it has signed a Revolving Credit Facility (RCF) of €80M. Led by UniCredit, other participating banks include CitiGroup, Silicon Valley Bank, Deutsche Bank and the “Venture Tech Growth Financing” program of KfW. The funding is a vote of confidence for GetYourGuide and the travel industry more broadly. The RCF also gives GetYourGuide more scope to explore new strategic investments during the travel rebound expected later this year as the world works to get COVID-19 under control.
“We are at a true inflection point in travel. As the world rolls out vaccine programmes, we see significant pent-up demand for in-person, incredible travel experiences. According to the UN World Tourism Organization, 2021 and 2022 will feature a double-digit rebound for global tourism, returning leisure travel close to pre-pandemic levels,” said Johannes Reck, CEO and co-founder of GetYourGuide.
Around 49 percent of consumers in Germany and 41 percent in the US express a desire to travel over the next 12 months. This is after a year in which travel bookings fell to near-zero after the increase in COVID cases drove severe lockdowns across the globe. In the context of the current accelerated switch to online, GetYourGuide invested in its core digital product by helping some of the world's top attractions shift to the "new normal" of a more touchless and digital travel experience. In 2021, GetYourGuide will continue to build deep relationships with its partners, grow its highly rated Originals portfolio of tours, and innovate its digital customer experience. To capture the market opportunity and accelerate momentum in a post-pandemic world, GetYourGuide plans to continue to invest in strategic initiatives and develop its world-class digital product and signature Originals experiences. The Company will also build out its global inventory, catering to post-pandemic travellers’ preferences and hygienic standards.
“We want to help the world rediscover travel in the post-pandemic world - from the most iconic attractions to unique local and cultural experiences,” Reck added. “This new financing underlines the confidence in the travel industry’s recovery and allows GetYourGuide to invest in the rebound of global tourism.”
“We are very happy to help GetYourGuide continue its growth trajectory during this extraordinary situation that we find ourselves in”, says Jan Kupfer, Head of Corporate & Investment Banking Germany at UniCredit. “The successful financing also shows once again our unique tech advisory approach, where we combine our deep tech expertise with the broad product range of a pan-European commercial bank.”
This RCF follows the €114 million convertible note GetYourGuide secured in October 2020 to ensure the Company could invest in strategic opportunities to build out its market-leading position and ignite post-pandemic travel demand.
Image Credit: © Get Your Guide
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