Omio, a ground transportation platform and travel insurer, has raised $80m amid surging travel.
The round saw participation from Lazard Asset Management, Stack Capital Group, NEA, Temasek, and funds managed by Goldman Sachs Asset Management, amongst others.
Omio said it has been investing in its product, inventory and core business over the last two years. The company recently launched a self-service desk to allow customers to alter and cancel bookings themselves.
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 to improve travel insurance solutions, and last year it announced a partnership with Cover Genius to embed a ticket protection offering.
The funding, Omio said, will be used to reinitiate global expansion activities including mergers & acquisitions, and leveraging its transportation data and inventory by scaling its partnerships, which include Kayak, Huawei, LNER (London North Eastern Railway) and others. It will also be used to build out the company’s product and services, and invest in its talent and work towards sustainable profitability.
The funding comes at a time when the travel industry is seeing demand return to pre-pandemic levels.
Omio however, said it is rebounding faster than other travel platforms, highlighting that its ticket bookings are more than 140% above 2019 levels. The company added this also comes hand-in-hand with a shift to booking transport via mobile apps, and a shift to more sustainable transport modes.
Naren Shaam, CEO and founder of Omio, said, “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.”
Travel insurance startup Faye recently raised £8m in a seed round following its exit from stealth.
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