Johannes Reck, Co-founder and CEO of GetYourGuide. Photo credit: “TechCrunch Disrupt Berlin 2019 – Day 2” by TechCrunch is licensed under CC BY 2.0

GetYourGuide, the German travel booking platform, has announced that it’s raised €114 million ($134 million) in convertible note financing led by private equity firm Searchlight Capital, with participation from a group of existing investors including Battery Ventures, KKR, SoftBank Vision Fund, and Spark Capital. Executives from the company also chipped into the funding round, which comes at a time GetYourGuide is facing business hassles due to a steep decrease in travel activity amid a pandemic.

Convertible note financing entails initial debt that can later be converted into equity in a company. With the new financing, GetYourGuide has now raised a total of nearly $800 million in outside funding. The company’s most recent financing before now was a $484 million Series E that raised its valuation above the $1 billion mark.

Amid business struggles this year, GetYourGuide is apparently betting on a rebound in travel activity next year and in the coming years to boost its business. The company plans to continue developing its product and investing in strategic initiatives as it grapples with a pandemic that recently saw it lay off about 100 staff. 

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