Omio raises $80 million
Transportation platform Omio has raised $80 million from several investors including Lazard Asset Management, Stack Capital Group, NEA, Temasek, and funds managed by Goldman Sachs Asset Management, amongst others.
Founded in 2013, 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, in 2019 it partnered with Setoo around flight delay coverage, and last year it announced a partnership with Cover Genius to embed a ticket protection offering.
The capital raised will be “prudently” deployed to reinitiate global expansion activities including M&A.
“I am incredibly grateful to announce another key milestone in Omio’s journey: this funding from a strong roster of investors, after a rough 2+ years, underlines the enormous power and potential of our business model, as well as our belief that the human need to travel is unwavering. This desire to travel has evolved, and we are observing exciting fundamental shifts in the sector, such as a move towards ground transport, mobile-first bookings and an increase in non-hub travel, all of which will fuel our growth for years to come. The fresh funds will allow us to pursue our vision of a globally unified transportation network on a single digital platform.” – Naren Shaam, CEO and founder of Omio.