Omio raises $100 million

Multimodal travel platform Omio has secured $100 million in funding from existing and new investors including Temasek, Kinnevik, Goldman Sachs Asset Management L.P., NEA and Kleiner Perkins.

Founded in 2012, Omio offers travel search and bookings for flights, trains, buses and other forms of transport across 37 countries in Europe and Northern America. The company also operates in the insurance space – it arranges travel insurance in several countries in collaboration with Allianz Global Assistance Europe, and last year it partnered with Setoo around flight delay coverage.

“Travel is an eternal need and I have no doubt in the comeback of the industry. We have seen a very promising recovery of our business over the past weeks, based on the unique strength of our product which includes all modes of transport across multiple markets. Especially in Germany and France, we are already above 50 percent of our pre-Covid-19 bookings despite marginal marketing spend. However, consumer expectations are changing and the industry will need to evolve to new standards and provide new products with a strong focus on sustainability. We will use the fresh capital to drive this change.” – Naren Shaam, Founder and CEO of Omio.

“When the COVID-19 crisis hit the travel industry, our team made an incredible effort to switch from growth mode into a manage-to-cash organization within weeks. At the same time we started discussions with existing and selected new investors to make sure that we can ramp up our financial head-room for the coming years. Our strong network of financial partners has been key to our ability to manage through this challenging period and will help us quickly return into growth mode. The funding underlines our investors’ confidence in our strategy and the long term potential of our diversified, asset-light business model.” – Jan Kemper, Managing Director and CFO of Omio.