GoEuro, a travel planner and booking platform, has been funded by Silver Lake Kraftwerk and Valley VC fund Kleiner Perkins Caufield & Byers for a humongous amount of $70 million.
The new funding was led by top Silicon Valley investors which broke the European plateau of start-ups not being funded by firms to expand their business on a larger scale. The new Silicon Valley investors has a proven track record for backing up successful start-ups like Skype and Spotify, according to Reuters.
GoEuro, a Berlin-based start-up said, "GoEuro is now poised to join the small circle of European start-ups seen to have the potential to become multi-billion dollar companies," the site added.
What's next for the company would be to extend their service to 30 European countries where 12 are part of Western Europe. This move will make their ground travel and domestic flight booking services more accessible and convenient to its potential users.
"Coverage for us is both adding new markets and growing coverage within each existing markets, cause our goal is to connect every location on the map, so there are many smaller partners we are adding in each existing market to make our platform the most comprehensive," Naren Shaam, GoEuro founder and CEO said.
The massive number of European transport operators the company has connections such as, railway companies, bus operators and airlines offering flights made the app popular to many travelers because it can be done through their mobile phones.
According to Naren Shaam, "We are the largest source of information on ground transportation options in Europe. It is a huge barrier to entry," Reuters published. "Many operators don't have mobile applications. You should be able to click a button and hop on the next train."
It is reported to have 10 million monthly users has been attracted by this booking app which focuses on ground travel transportation. They also cater to diverse market offering 12 different languages including Chinese and Russian, which according to Shaam that overseas travelers comprises one-third of its users.