Travel app Omio gets $100mn in sign of COVID-19 recovery

Omio is a Berlin, Germany-based company operating a cloud travel platform which aggregates travel method searching in one place.

Transport options range from rail to bus, flights, ferries, rental cars and car sharing, with the company partnering with providers in 37 countries. Omio says its acquisition of Rome2Rio in 2019 allows it to plan routes to 10 million locations across the world.

Omio has achieved significant growth in its European base, leading it to launch in the US and Canada at the beginning of the year.

While the travel industry has been one of the worst affected by the COVID-19 pandemic, Omio said it had witnessed signs of a market recovery as the booking of summer holidays and local travel became a possibility with easing lockdowns.

Since its 2012 foundation, the company has raised almost $400mn across 9 funding rounds. In a further sign of confidence in its post-COVID-19 health, Its latest round, announced yesterday, saw the company raise $100mn from Temasek Holdings, New Enterprise Associates, Kleiner Perkins, Kinnevik AB and Goldman Sachs Asset Management.

In a press release, Naren Shaam, Founder and CEO of Omio, said: “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.”

The company said it would use the funds in part to fuel continued growth and potential acquisitions.